The ALRC president explained how lifting Chapter 7 from the Corps Act would separate consumer protection obligations from company lifecycle regulation, which would both improve navigability and reduce complexity.
A rapidly approaching implementation schedule has forced ASIC to provide advisers guidance on new rules around ongoing fee arrangements, fee disclosure statements and ongoing fee consent a mere 2 weeks before they apply.
All household investors should be afforded the same basic protections rather than the "artificial dividing line" the current definitions create, argued the lawyer and academic who advised Hayne at the royal commission.
ALRC President Hon. Justice Sarah Derrington warned guests at the 2021 Licensee Summit that if increasing professionalism is an aspiration for the advice industry, it should also be prepared for the extra focus on fiduciary duty that will come with it.
The debate around which stapling model has raged to the point where stapling works best is now at risk of not proceeding, which would be a shame because either proposed model would improve consumer outcomes, David Bell writes.
Advisers could be in line for more principles-based regulation according to ALRC president Sarah Derrington, who agreed with a host of global regulatory experts that a balance between principles and prescription is required.