FSC welcomes new laws to protect consumers
The Financial Services Council (FSC) has welcomed the passage of new legislation, the Design and Distribution Obligation (DDOs) and Product Intervention Powers (PIP) Bill 2019, which aims to provide consumers with more protection from poor financial products.
Under the new legislation, financial services providers would be required by law to take a more customer focused approach when offering their products.
FSC’s chief executive, Sally Loane, said that the FSC looked forward to working with the Australian Securities and Investments Commission (ASIC) while the regulator was building a clear framework for how the new regime would operate.
“In the limited circumstances where there is an inappropriate product sold, ASIC will now be able to intervene to protect consumers,” she said.
“While this is an important power for ASIC, the FSC believes the greatest consumer benefit comes from quality advice and products appropriate for the goals and needs of individuals.”
AUTHOR
Oksana Patron
Recommended for you
AZ NGA has partnered with an Adelaide-based accounting and financial planning practice as it expands its presence in South Australia.
The central bank has released its decision on the official cash rate following its November monetary policy meeting.
ASIC has cancelled the AFSL of a Melbourne-based managed investment scheme operator over a failure to pay industry levies and meet its statutory audit and financial reporting lodgement obligations.
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
