Design and Distribution Obligations and Product Intervention Power
The submission to the Treasury in relation to the Design and Distribution Obligations and Product Intervention Power, Proposals Paper, December 2016, was prepared by the Corporations Committee of the Business Law Section.
The Committee is supportive of the Australian Government’s objective of enhancing the protection of vulnerable consumers from mis-selling of financial products. However, the Committee submits that this objective could be achieved in a much simpler and more cost-effective way.
In the submission below, the Committee has responded to most of the questions posed in the Proposals Paper, and offers some general observations about the scope and appropriateness of the overall proposal. Separately, the Superannuation Committee of the Legal Practice Section of the Law Council of Australia has lodged a submission dated 16 March 2017 in relation to certain superannuation-specific matters raised by the Proposals Paper.
You can read the full submission below.