Chartered Accountants Australia and New Zealand, CPA Australia, the Financial Advice Association of Australia, the Institute of Public Accountants and the SMSF Association (the Joint Associations) have made a submission to Interim Report C as part of the Australian Law Reform Commission’s inquiry into the Review of the Legislative Framework for Corporations and Financial Services Regulation.

The Joint Associations agree with the finding of the Financial Services Royal Commission that the existing legislative framework for corporations and financial services regulation is unnecessarily complex, fails to communicate fundamental norms, and hinders compliance.

Interim Report A, B and the many published background papers have brought to life not just how complex and difficult the legislative framework is for participants to navigate, but also the sheer scale of this framework that further adds to this complexity. 

Interim Report C in particular highlights the complexity of navigating the legislative framework and as noted in our previous joint submission, finding provisions that are relevant to financial advice and interpreting those provisions is extremely problematic for those operating under the current legal framework.

The Joint Associations also support that these recommendations and proposals consider how existing legislation can be structured and framed to facilitate future reforms, including those arising out of the Quality of Advice Review.