NIBA makes submission to corporations legislation review

NIBA has provided a submission to the Australian Law Reform Commission (ALRC) review of the Legislative Framework for Corporations and Financial Services Regulation Interim Report A.

The report, which was tabled in Parliament late last year, seeks feedback on 16 proposals, and eight questions for reform. The report also made a number of recommendations relating to relatively technical matters, which the Government could begin implementing immediately.

NIBA’s submission generally supported the recommendations made by the ALRC, however, noted that the ALRC had raised a number of policy issues outside the scope of the review. Many of these issues are the subject of Treasury’s Quality of Advice Review, which NIBA felt was the most appropriate forum for the discussion given the potential implications of any decision for financial services practitioners, and the breadth of the Terms of Reference of the Quality of Advice Review.

NIBA’s submission also cautioned against a one size fits all approach to financial services arguing that simplification of the law is required, it should not be to the detriment of an entire industry and that carveouts and exemptions contained within the Corporations Act are a reflection of how varied the financial services market is.

The ALRC will release another two interim reports in 2022 and 2023 respectively before a final report is released in late 2023.

To read NIBA’s submission click here