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‘Once in a generation opportunity’: ALRC to review financial services laws
The Australian Law Reform Commission has been tasked with simplifying the unnecessary complexity in Australia’s financial services laws.
Naomi Neilson
Attorney-General Christian Porter has tasked the Australian Law Reform Commission (ALRC) with simplifying the legislative framework for corporations and financial services regulation that has made it harder for businesses to meaningfully comply with the law and has affected organisations and its consumers.
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In its initial analysis, the ALRC has identified that the existing legislation is overly prescriptive, has complex and unwieldy regulations that are contained in various instruments, is difficult to understand and is inconsistent in its definitions.
President the Honourable Justice Sarah Derrington QC said the intricacy of the current financial services laws obfuscates understanding and inhibits compliance.
“The inquiry is a once in a generation opportunity to ensure that the design of Australian financial services legislation is appropriate, given the terms of ensuring that industry players comply with the law and in promoting productivity and innovation in the financial sector,” Justice Derrington said.
The inquiry is part of the government’s response to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
The ALRC will deliver its interim reports on the review of corporations and financial services regulation in November 2021, September 2022 and August 2023 with the final report and recommendations provided by November 2023.
