Law Reform Commission plays down financial services review outcomes

The Australian Law Reform Commission (ALRC) has sought to play down expectations that its inquiry into the potential simplification of financial services laws will necessarily change the day to day operations of financial services licensees.

In a statement acknowledging the Government’s initiation of the review, the ALRC specifically noted what it had not been asked to do.

“The ALRC is not tasked with recommending policy changes regarding the content of obligations on financial services providers,” it said.

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“Rather, the inquiry is more technical in nature and seeks to facilitate a more adaptive, efficient, and navigable framework of legislation ‘within the context of existing policy settings’,” the ALRC said. “The ultimate goal is to achieve meaningful compliance with the substance and intent of the law.”

The terms of reference handed to the ALRC by the Attorney-General, Christian Porter, in September last year asks it to consider what changes are necessary to the Corporations Act and associating regulations to simplify and rationalise the law.

The terms of reference specifically mention promoting robust regulatory boundaries, understanding and general compliance with the law including consistent use of terminology.

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