Many submissions responding to the Interim Report supported simplification of financial services laws.[1] Industry, community groups and regulators agreed the current law is too complex. The effect of legal complexity on each of these groups differs. What would be achieved Read More …
Category: Other Important Steps
2 Legal assistance and financial counselling services
The asymmetry of knowledge and power between consumers and financial services entities has been evident throughout the Commission’s work. Financial products and services have grown ever more complicated, numerous, and difficult to distinguish. Engagement with the financial services industry, by Read More …
1.2 ASIC Enforcement Review Taskforce Government Response
In December 2017, the ASIC Enforcement Review Taskforce provided its report to Government.[1] The report made 50 recommendations with respect to, among other things, breach reporting under the Corporations Act, industry codes, and ASIC’s licensing, banning, and directions powers. In Read More …
1.1 A compensation scheme of last resort
The Terms of Reference require me to consider ‘the effectiveness of mechanisms for redress of consumers of financial services who suffer detriment as a result of misconduct by financial services entities’.[1] Accordingly, in the Interim Report, I asked whether existing Read More …
1 Pending proposals
Introduction
In the previous chapters I have sought to explain the conclusions and recommendations I have reached about many of the issues that have arisen in the course of the Commission’s work. For the most part, the issues dealt with in Read More …