Please use this identifier to cite or link to this item: https://hdl.handle.net/1959.11/27341
Title: Preliminary review of over-regulation in Australian financial services
Contributor(s): Adams, Michael A  (author)orcid ; 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
Appears in Collections:Journal Article
School of Law

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