In a speech by ASIC Deputy Chairman Jeremy Cooper which could be his last before he becomes chair of the Review into the Governance, Structure,Efficiency and Operation of Australia’s Superannuation System he starts his regulatory review of Financial Services by decrying the quality of jokes about the GFC ( A director decided to award a prize of $100 for the best idea of saving the company money during the credit crunch. It was won by a young executive who suggested reducing the prize money to $20).

His speech covers:

• the new EDR scheme rules due to start on 1 January 2010;
• the duties of financial advisers;
• financial product design;
• the new consumer redit laws;
• whether the sale of financial products to retail investors should be further regulated.