There is much Australia can learn from the United Kingdom’s regulatory framework, including its strength of being more easily navigable and a focus on outcomes rather than principles, according to the Australian Law Reform Commission.
Financial services organisations have disagreed with the ALRC’s proposals regarding retail and wholesale clients, arguing the asset and income test exemptions are outdated and require indexation.
The ALRC has detailed the stakeholder feedback it has received regarding definitions of financial advice and possible changes to the terms, although it will hold off making any change until the conclusion of the Quality of Advice Review.
Justice Sarah Derrington, president of the Australian Law Reform Commission, has been recognised as a Member of the Order of Australia in this year’s Queen’s Birthday Honours.