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https://hdl.handle.net/1959.11/27341
Title: | Preliminary review of over-regulation in Australian financial services | Contributor(s): | Adams, Michael A (author) ; Young, Angus (author); Nehme, Marina (author) | Publication Date: | 2006 | Handle Link: | https://hdl.handle.net/1959.11/27341 | Abstract: | This article examines a preliminary review and the limited evidence of over-regulation in Australian financial services. The 1997 Wallis Report and the CLERP 6 paper, resulted in the amendments to Ch 7 of the Corporations Act 2001 (Cth) by the Financial Services Reform Act. Nearly a decade later the system based upon 'one-size fits all', dual track regime and a consistent licensing regime has greatly increased the costs of compliance. In the area of enforcement there has not been a dramatic change to the effective techniques applied by ASIC over other agencies, such as APRA. In particular there are clear economic arguments, as well as international experiences which state that a single financial services regulator is more effective than the multi-layered approach adopted in Australia. Finally, in the superannuation area of financial services, which is worth A$800 billion, there is unnecessary dual licensing and duplicated regulation, with little evidence of any consumer-member benefit, but at a much greater cost. | Publication Type: | Journal Article | Source of Publication: | Australian Journal of Corporate Law, 20(1), p. 1-24 | Publisher: | LexisNexis Butterworths | Place of Publication: | Australia | ISSN: | 1037-4124 | Fields of Research (FoR) 2008: | 180109 Corporations and Associations Law | Socio-Economic Objective (SEO) 2008: | 940407 Legislation, Civil and Criminal Codes | Peer Reviewed: | Yes | HERDC Category Description: | C1 Refereed Article in a Scholarly Journal | Publisher/associated links: | https://www.lexisnexis.com.au/en/products-and-services/lexisnexis-journals/australian-journal-of-corporate-law |
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Appears in Collections: | Journal Article School of Law |
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