“Disclosure can be ineffective for a number of reasons, including consumer disengagement, complexity of documents and products, behavioural biases, misaligned interests and low financial literacy”
— Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Bill 2018. Exposure Draft Explanatory Memorandum. 1.2
Products, politics and power
The Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Bill 2018 may represent the most significant reform of financial services since the Financial Services Reform Act.
The Bill threatens to reframe the development, distribution and enforcement of financial products and equips ASIC with a range of new enforcement options.
This presentation provides a high level introduction to the Bill.
For access to the Bill and the Explanatory Memoranda visit Treasury.gov.au.
The Consultation Period ends 15 August 2018 so if you have any views on the proposed legislation now is the time to make your views heard.