The Government has released for public consultation a revised exposure draft of the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Bill 2018 (‘the Bill’) and explanatory materials.
The revised exposure draft of the Bill has been developed in response to the feedback received during the Government’s previous round of consultation.
These measures implement the Government’s response to the Financial System Inquiry (FSI), Improving Australia’s Financial System 2015, whereby the Government accepted the FSI’s recommendations to introduce:
- design and distribution obligations for financial products to ensure that products are targeted at the right people (FSI recommendation 21); and
- a product intervention power for the Australian Securities and Investments Commission when there is a risk of significant consumer detriment (FSI recommendation 22).
The Government previously released exposure draft legislation for consultation on 21 December 2017. Submissions for the draft legislation closed on 9 February 2018.
The attached Information Note summarises the key changes from the previous version of the Bill.
- Allens - PDF 109KB
- Allianz - DOCX 3MB
- ANZ - PDF 191KB
- Association of Financial Advisers Limited - PDF 272KB
- Australian Banking Association - PDF 7MB
- Australian Finance Industry Association - PDF 136KB
- Australian Financial Markets Association - PDF 169KB
- Australian Institute of Superannuation Trustees - PDF 420KB
- Australian Securities and Investments Commission - PDF 479KB
- Australian Timeshare and Holiday Ownership Council - PDF 131KB
- CFD and FX Forum - PDF 2MB
- Consumer Groups - PDF 549KB
- Customer Owned Banking Association - PDF 206KB
- Financial Planning Association of Australia - PDF 32KB
- Financial Services Council - PDF 202KB
- Financiers Association of Australia and Min-it Software - PDF 146KB
- IG Markets Ltd - PDF 2MB
- Industry Super Australia - PDF 495KB
- Insurance Council of Australia - PDF 126KB
- Law Council of Australia - PDF 219KB
- Legalaid NSW - PDF 5MB
- Listed Investment Companies Association of Australia - PDF 330KB
- MinterEllison - PDF 199KB
- NAB - PDF 2MB
- National Insurance Brokers Association of Australia - PDF 391KB
- Property Council of Australia - PDF 309KB
- Property Funds Association - PDF 430KB
- RACQ Insurance - PDF 88KB
- SMSF Association - PDF 338KB
- UniSuper - PDF 314KB