Product regulation and ASIC powers
In its response to the Financial Systems Inquiry, the government agreed to support the recommendations for ASIC to have the tools to better prevent bad products entering the market, and introduce new accountability obligations on product manufacturers. This includes supporting the recommendation to strengthen product issuer and distributor accountability, and the introduction of product intervention powers. The government also supports the recommendation to enhance ASIC’s powers to ban individuals from operating within the financial services industry.
The FPA has strongly advocated for greater oversight of financial products for many years. The introduction of product regulation is a significant win for consumer protection.
Read the government’s response to the FSI recommendations
Read the FPA media release
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