ASIC has welcomed the passage of key financial services reforms contained in the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) legislation introducing:
The design and distribution obligations will bring accountability for issuers and distributors to design, market and distribute financial and credit products that meet consumer needs. Phased in over two years, this will require issuers to identify in advance the consumers for whom their products are appropriate, and direct distribution to that target market.
The product intervention power will strengthen ASIC’s consumer protection toolkit by equipping it with the power to intervene where there is a risk of significant consumer detriment. To take effect immediately, this will better enable ASIC to prevent or mitigate significant harms to consumers.
These reforms were recommended by the Financial System Inquiry in 2014 and represent a fundamental shift away from relying predominantly on disclosure to drive good consumer outcomes.
Episode 65: Crypto-assets for first time investors
Episode 64: Markets enforcement outcomes
Episode 63: ASIC enforcement update July to December 2020
Episode 62: Corporate governance enforcement outcomes
Episode 61: Risky business: land banking property investment schemes
Episode 60: Holes in the safety net: A review of TPD insurance claims
Episode 58: Oversight of non-financial risk
Episode 57: Are car insurance investigations treating consumers fairly?
Episode 56: ASIC's case against former director Bradley Silver
Episode 55: ASIC enforcement outcomes, January to June 2019
Episode 54: The future of financial services
Episode 53: Creating Shared Value
Episode 52: The regulatory toolkit
Episode 51: ASIC's case against former financial adviser James Gibbs
Episode 50: Balancing consumer choice and protection
Episode 49: ASIC's case against hacker Steven Oakes
Episode 48: International standard setting for insurance supervisors
Episode 47: The power of a ponzi scheme
Episode 46: ASIC enforcement update July to December 2018
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