I cannot think of a past year where the pendulum of regulation has moved strongly in both directions within the same short period.

COVID-19 has energised de-regulation (or at least modernising) in the areas of document execution and company meetings.

And the Australian Law Reform Commission has commenced its multi-year program of simplifying financial services laws.

At the same time regulation of financial services providers has become more complicated: product design and distribution, marketing (hawking), internal dispute resolution, breach reporting and remediation.

Regulatory intervention has become less principles-based and more prescriptive of product types, sales channels and provider types (both issuers and distributors) at the same time as the government and regulators express support of innovation and new entrants.

It is more important than ever that you focus on ensuring that your products deliver their promised benefits for your customers.

And concentrate on the well-being of your staff in this stressful time.

As this is my last article for 2021, I wish you all the best over the holiday period and a successful new year.

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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.