The genesis for this inquiry was the findings and recommendations from the Financial Services Royal Commission. Consumer advocates endorse the FSRC findings and recommendations about the need to simplify the law, particularly the need to abolish loopholes that facilitate regulatory arbitrage and poor business conduct. This submission does not respond to every proposal and question in ALRC Report 137, but makes comment in relation to: definitions and licensing; disclosure; rule-making, and the approach to exemptions and exclusions; financial advice and debt advice,; and conduct obligations, particular the norm of fairness.
