ALRC Financial Services Legislation, Interim Report A

The ABA provides feedback to the Australian Law Reform Commission (ALRC) on the Financial Services Legislation, Interim Report A. In addition to specific feedback provided in this submission on the questions and proposals put forward by the ALRC in Interim Report A, the ABA welcomes further consultation and engagement on the following four issues as the ALRC inquiry continues.

The first being the potential to create a single Act to regulate financial services in Australia and significantly reduce the complexity that exists within the current regulatory framework.  The second concerns the alignment of definitions with those in other legislative instruments to create confidence and certainty for all stakeholders including consumers.  The third issue highlights the need for further consultation regarding the potential impact of ‘outcomes-based’ disclosure increasing the complexity of information provided to consumers.  Lastly, the ABA highlights that implications for emerging markets and products be considered so that laws are drafted in a technology-neutral manner and, are drafted sufficiently broadly so that their application is not limited to existing products and services.