Australian Law Reform Commission (ALRC) president, Justice Sarah Derrington, has illustrated her vision for the financial services industry following the commission’s review into its legislation.
There are mixed views on the proposed decoupling of ‘personal advice’ from the definition of ‘financial service’, according to submissions to the ALRC’s Financial Services Legislation inquiry.
The financial threshold test should be removed, according to Super Consumers Australia and a leading consumer advocacy lawyer, as measuring net worth is an unreliable indicator of financial literacy.
The ‘shifting sands’ of regulatory approaches has resulted in financial services legislation that is unwieldy and extraordinarily complex, according to the Australian Law Reform Commission (ALRC).