Cut red tape
The Federal Government has been provided with further incentive to reduce the level of red tape being applied to the financial services sector with a paper commissioned for the Finance Industry Council of Australia (FICA) suggesting it had the potential to make regulators more responsive.
The paper, prepared by Justin O’Brien from the Centre for Applied Philosophy and Public Ethics at Charles Sturt University, was presented at a conference co-sponsored by the Australian Securities and Investments Commission, the Australian Prudential Regulation Authority and FICA.
It suggested a reduction in administrative filing requirements could pay significant dividends.
“Not only is progress easily measurable, the wider impact is of significant value,” the paper said. “It can help change negative perceptions of an unaccountable regulator, aloof from the compliance burden imposed by inappropriate and out-of-date legal requirements.
“Moreover, further administrative reform can help secure the final objective, that of facilitating inward investment,” the paper said.
The chairman of FICA and chief executive of the Investment and Financial Services Association, Richard Gilbert, said the conference had been extremely constructive and it was now up to the Government, financial regulators and the financial services industry to identify practical ways to improve regulatory decision-making, policy and the process of regulatory change.
AUTHOR
Mike Taylor
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
