External dispute resolution
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Recommendation 7.1 – Compensation scheme of last resort The three principal recommendations to establish a compensation scheme of last resort made by the panel appointed by government to review external dispute and complaints arrangements made in its supplementary final report should be carried into effect. |
ASIC Enforcement Review Taskforce Government Response
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Recommendation 7.2 – Implementation of recommendations The recommendations of the ASIC Enforcement Review Taskforce made in December 2017 that relate to self-reporting of contraventions by financial services and credit licensees should be carried into effect. |
Simplification so that the law’s intent is met
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Recommendation 7.3 – Exceptions and qualifications As far as possible, exceptions and qualifications to generally applicable norms of conduct in legislation governing financial services entities should be eliminated. Recommendation 7.4 – Fundamental norms As far as possible, legislation governing financial services entities should identify expressly what fundamental norms of behaviour are being pursued when particular and detailed rules are made about a particular subject matter. |