Product regulation and ASIC powers

The Government has released a consultation paper on two key proposals from the Financial System Inquiry:

• design and distribution obligations for financial product issuers and distributors
• product intervention powers for ASIC to enable the regulator to intervene where a product is identified as creating a risk of significant consumer detriment.

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.

Submissions are due by 15 March 2017.

Read the Government’s media release

Read the government’s response to the FSI recommendations