4 March 2022
The ABA provides feedback to the Australian Law Reform Commission (ALRC) on the Financial Services Legislation, Interim Report A. In addition to specific feedback provided in this submission on the questions and proposals put forward by the ALRC in Interim Report A, the ABA welcomes further consultation and engagement on the following four issues as the ALRC inquiry continues.
The first being the potential to create a single Act to regulate financial services in Australia and significantly reduce the complexity that exists within the current regulatory framework. The second concerns the alignment of definitions with those in other legislative instruments to create confidence and certainty for all stakeholders including consumers. The third issue highlights the need for further consultation regarding the potential impact of ‘outcomes-based’ disclosure increasing the complexity of information provided to consumers. Lastly, the ABA highlights that implications for emerging markets and products be considered so that laws are drafted in a technology-neutral manner and, are drafted sufficiently broadly so that their application is not limited to existing products and services.
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The ABA strongly supports extension of the exemption for a period of a further two years to 3 October 2026 and requests the Treasury explore making the exemption permanent to ensure certainty and reduce regulatory restrictions and barriers for small businesses seeking access to credit.
Banks play an active role to support customers during natural disasters. ABA’s submission is made in two parts, first, outlining banks’ active support of customers during natural disasters and second, responding to the questions in respect to impacts of insurance unaffordability put to the ABA.
Banks continue to strongly support measures to allow companies and registered schemes to fulfil their legal obligations to hold meetings and execute documents using electronic means under the Corporations Act 2001 (Cth). The ABA makes four key recommendations, including providing optionality for companies to host AGMs in either hybrid or wholly online formats; amendments to… Read more »