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Inquiry into the regulations and ASIC policy statements made under
the Financial Services Reform Act 2001
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TABLE OF CONTENTS
Membership of the Committee PDF format
Duties of the Committee
Acronyms and Abbreviations
List of Recommendations
CHAPTER 1 PDF format
Background to the inquiry
CHAPTER 2 PDF format
Overview of the Act, regulations and ASIC policy statements
The Financial System Inquiry
The Financial Services Reform Act 2001
Key elements of the regulatory framework
The regulations and ASIC policy statements
CHAPTER 3 PDF format
CHAPTER 4 PDF format
ASIC Policy Statement 146: Licensing: Training of financial product advisers
Introduction
PS 146 requirements in brief
Basic deposit products and non-cash payment facilities
Overview of objections
Objections in detail
Uncertainty of scope of 'financial product advice'-contribution to training
costs
Course content is excessive in view of the products involved
Impact of training on the delivery of services in remote and regional areas
Costs
Proposed alternatives to PS 146 requirements
The background to ASIC's formulation of training requirements
The Committee's earlier findings regarding regulation of BDPs
Objections to other training requirements
Recognition of experience
CHAPTER 5 PDF format
Accountants
Licensing and related matters
Introduction
Exemption from licensing
The exemption in regulation 7.1.29
Analysis of the regulation
The objections to regulation 7.1.29
Licensing costs and accountants' independence
Training requirements
CHAPTER 6 PDF format
Disclosure
Introduction
Superannuation-ongoing management charge
Background
Review of submissions and evidence heard
Insurance
Commission on risk products
Unauthorised foreign insurers
CHAPTER 7 PDF format
Issues affecting Australia as an international financial centre
Introduction
Exemption from licensing-offshore service providers
Cross-border financial services
CHAPTER 8 PDF format
Licensing and related issues
Corporate Superannuation Funds
The Superannuation Complaints Tribunal
Custodial and depository services
Spread betting
CHAPTER 9 PDF format
Impact on small business
Introduction
Small business-general
Accountants
Financial planners
Small business-insurance multi-agents
CHAPTER 10 PDF format
Miscellaneous issues
Anti-hawking
Anti-hawking-cold calling
Telephone monitoring of takeovers
Inconsistencies and navigational challenges in the legislation
Matters outside the inquiry's terms of reference
REPORT BY THE LABOR MEMBERS PDF format
APPENDIX 1 PDF format
APPENDIX 2 PDF format
APPENDIX 3 PDF format
To download the complete report PDF format 423KB
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