Not only is there the Quality of Advice Review taking place this year, a legal review into financial services legislation has also been on the agenda.

There is debate among industry associations about the benefits of a ‘rules advisory committee’ as proposed by the Australian Law Reform Commission.

Financial services organisations have disagreed with the ALRC’s proposals regarding retail and wholesale clients, arguing the asset and income test exemptions are outdated and require indexation.

The ALRC has detailed the stakeholder feedback it has received regarding definitions of financial advice and possible changes to the terms, although it will hold off making any change until the conclusion of the Quality of Advice Review.

Australian Law Reform Commission (ALRC) president, Justice Sarah Derrington, has illustrated her vision for the financial services industry following the commission’s review into its legislation.

The Australian Law Reform Commission’s inquiry into the simplification of financial services legislation is expansive, multi-phased and worthy of unpacking, Liam Cormican writes.