New financial product laws could increase red tape, says industry | Law

New financial product laws could increase red tape, says industry

Professor Dimity Kingsford Smith is quoted in the Sydney Morning Herald (21 March 2016) regarding the government drafting new laws to give ASIC more powers against banks.

When considering the design of the new product intervention powers for ASIC, Dimity Kingsford Smith said determining the threshold for ASIC action would be a key issue. She also suggested that the laws in Australia were likely to allow a more tailored approach than other jurisdictions, by allowing ASIC to hone in on one feature it did not like – for example, a teaser interest rate, and having that removed.

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