The Australian Bankers’ Association submission on CP260: Further measures to facilitate innovation in financial services

The ABA fully supports the removal of the exemption for funeral expenses policies from the defintion of financial products.

The ABA welcomes the exclusion from the requirement to provide a Target Market Determination (TMD) of credit provided wholly or predominantly for business purposes. In implementing this legislation, it is important that the principle of scalability be flexibly applied and that clear guidance be given on this by ASIC. We welcome the clarification around the… Read more »

The ABA supports stronger powers for ASIC and a strengthening of the regulatory framework for financial services and corporations laws generally as recommended by the ASICERT.