A government agency has asked financial services providers to comment on current legislation, after recently arguing that regulating the sector is unnecessarily complex.
Late last year, the Australian Law Reform Commission (ALRC) tabled an interim report in Parliament detailing the complexity of Commonwealth law regulating companies and financial services with the aim of promoting meaningful compliance with the substance and spirit of the law.
“The task of the ALRC is not simply to ‘clean up’ the legislative framework in the service of theoretical objectives. At the heart of this inquiry is the importance of ensuring that the law is fit for purpose,” ALRC Chairman, Honorable Justice SC Derrington said at the time.
“The law must facilitate the industry, recognizing the dynamic nature of the financial services sector and its significant contribution to the Australian economy. At the same time, consumers must be able to understand and navigate the law to protect their legal rights. »
Now industry stakeholders are being asked to provide feedback on the report to the ALRC.
“The ALRC’s focus is on how the current law can be simplified and made easier to navigate,” the body said as Mortgage Business sister ifa.
“Input from those ‘on the cutting edge’ – such as financial service providers, financial advisory firms, financial advisors and clients – is essential to understanding why the current law is so complex and how it could be improved.”
Submissions on the proposals and issues raised in the report can be submitted to the ALRC by February 25, but the independent agency said it will hold webinars, consultations and events this year to continue the process of consultation.
Another call for submissions will be launched after the publication of a new report at the end of 2022.
“The ALRC is also particularly mindful of the Treasury Board Quality Review that will be conducted in 2022,” the statement continued.
“This review provides a new opportunity for the financial advisory industry to engage in the law reform process, and the ALRC will be following it closely.”
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