Design and distribution obligations and product intervention power

13 December 2016 | Proposals Paper

As part of the Government's response to the Financial System Inquiry (FSI), Improving Australia's Financial System 2015, the Government accepted the FSI's recommendations to introduce:

design and distribution obligations for financial products to ensure that products are targeted at the right people (FSI recommendation 21); and
a temporary product intervention power for the Australian Securities and Investments Commission when there is a risk of significant consumer detriment (FSI recommendation 22).

This paper seeks feedback on the implementation of these measures. In order to assist interested parties in providing feedback, the Paper outlines proposals to illustrate how the measures could operate in practice. This approach recognises that many of the elements of the measures are interrelated and so to provide feedback people need to be able to view the measures holistically.

The proposals outlined in this paper are intended to elicit specific and focused feedback, and should not be viewed as a statement of the Government's final policy position.

The Government invites all interested parties to make a submission on the proposals outlined in this paper.

Making a Submission

Interested parties are invited to comment on the consultation paper.

While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.

All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.

Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.

Closing date for submissions: Wednesday, 15 March 2017

Address written submissions to:

Manager
Financial Services Unit
Financial System Division
The Treasury
Langton Crescent
PARKES ACT 2600

Email: ProductRegulation@treasury.gov.au

For enquiries please call Stephen Powell +61 2 6263 3167.

Key Documents

Proposals Paper 1MB 647KB

Make a Submission

Submit Online

Alternatively submit via post. Please include the attached submission cover sheet. 60KB