Posts tagged Product Intervention Powers
Advice in 2019: Where too much change is never enough

Smarter Compliance. 2019 is shaping up to be a great year for financial services lawyers, business brokers and stress counsellors. Advisers have long accepted that the financial services industry is highly regulated and frequently changing, but the sheer scale and speed of reforms planned for 2019 is potentially overwhelming. We can’t do much about the rate of change, but we can alert you to the recently released Consumer Data Right rules, warn you about proposed changes to the Privacy Act to better protect (vulnerable) consumers and prepare you for the impact of new Design and Distribution obligations.

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ASIC and the limits of disclosure

Licensees and advisers have traditionally relied on disclosure as the solution for a range of regulatory, advice and legal risks. The fundamental problem is that disclosure is a spectacularly ineffective consumer protection mechanism. In the context of the Banking Royal Commission, both the Government and ASIC are focusing on trust, transparency and accountability as better alternatives to disclosure and equipping ASIC with the powers it needs to be active, feared and effective. In this context, the course of action for licensees and advisers is clear - less disclosure, more clarity.

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