Fixing Financial Services: 58 Recommendations
The Australian Law Reform Commission (ALRC) has concluded its in-depth review aimed at reforming the legislative framework for corporations and financial services in Australia.
This pivotal report is a key component of the government’s initiative, inspired by the Hayne Commission, to streamline the intricate regulations in the financial sector.
- Addressing Legislative Complexity: The ALRC report identifies the current legislative framework as unfit for purpose, highlighting the need to tackle its complexity and inefficiency.
- Reducing Costs and Increasing Flexibility: It emphasises that the complexities of the current system not only escalate costs for all stakeholders but also lead to legislative rigidity.
- Proposed Structural Changes: The report suggests a comprehensive restructuring of the existing laws to create a more accessible and understandable legal framework. This includes establishing a new Financial Services Law, Scoping Order, and thematic Rulebooks.
- Redefining ASIC’s Role: The Australian Securities and Investments Commission (ASIC) is set to maintain its authority to offer individual relief, albeit in a more restricted context.
- Focus on Simplification and Consolidation: Key recommendations include refining the definitions of fundamental terms, amalgamating consumer protection laws, and simplifying regulations related to financial advice and disclosure.
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Watch this space for further updates as more information is released.
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