Financial Services Legislation | ENews October 2021

New background papers online

The latest Financial Services Legislation Inquiry background papers are now available online.

FSL2 coverComplexity and Legislative Design (FSL2) explores the drivers and metrics of legislative complexity, and considers how legislative complexity can be managed and reduced through legislative design. In particular, this paper explores the drivers and metrics of complexity in corporations and financial services laws in Australia. The paper also explains why complexity matters to businesses, consumers, professional advisors, parliamentary drafters, and legislators.

FSL coverImproving the Navigability of Legislation (FSL3) discusses the range of features and techniques that can be used to make legislation more navigable. The Terms of Reference for the ALRC’s Review of the Legislative Framework for Corporations and Financial Services Regulation highlight the importance of having ‘an adaptive, efficient and navigable legislative framework for corporations and financial services’.

These background papers are intended to provide a high-level overview of topics of relevance to the Inquiry. Further background papers will be released throughout the duration of the Inquiry, addressing key principles and areas of research that underpin the development of recommendations.


Prof Bant discusses the ALRC’s inquiry

The ALRC’s current inquiry into the simplification of corporations and financial services regulation has generated significant interest and expectations on the part of stakeholders. What is motivating the inquiry and what are some of the challenges and objectives? In this recorded interview, Dr Andrew Godwin (ALRC Special Counsel) asks Professor Elise Bant (ALRC Advisory Committee member) to share her experience and insights on the inquiry and the work of the ALRC.

Research Survey Collaboration

The ALRC has partnered with Choice, FINSIA and a number of leading academics to commission survey research that will provide valuable insights into consumer and professional understandings and views, informing the ALRC’s Financial Services Legislation Inquiry.  A national consumer survey will be conducted through Choice, Australia’s leading independent consumer group with over 170,000 members. A survey of finance professionals will also be undertaken – through FINSIA, Australia’s largest finance industry representative body with over 8,000 members. The surveys will include questions that probe participants’ understanding of and views on financial products and services, regulation under the existing legal framework, and on potential reforms to law in this area.

The ALRC will work in collaboration with academics from the University of Wollongong (Dr Andrew Schmulow, Professor Nina Reynolds and Dr Paul Mazzola), the University of Sydney (Professor Jason Harris) and the Queensland University of Technology (Ms Nicola Howell) in formulating the survey questions and analysing the results. The ALRC will use this research to inform the recommendations to be outlined in its Final Report, which is due by 30 November 2023.