A regulatory redress scheme is needed in financial services, the Australian Law Reform commission recommends in a report on litigation funding.The Australian Government "should review the enforcement tools available to regulators of products and services used by consumers and small businesses (including financial and credit products and services), to provide for a consistent framework of regulatory redress," is the recommendation.Regulatory redress "provides an efficient and effective way for consumers and businesses to obtain compensation and reduce the burden on the civil justice system," the ALRC argues."A standing regulatory redress scheme would provide an additional avenue for access to a remedy. Such a scheme would nevertheless permit an individual person or business to choose not to participate in the scheme and to pursue litigation should they so choose."The ALRC says "the value of regulatory redress is that it involves less time and cost when compared with pursuing adversarial litigation for both applicants and respondents."In addition, private actions often unnecessarily duplicate public enforcement in follow-on compensation claims. Regulatory redress also supports access to justice and is consistent with holding corporate wrongdoers to account."