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
We are always keen to hear your valuable feedback and suggestions. Please let us know if there are any policy issues or concerns that affect you.