Focus: Financial Services Reform in Australia

Justine Woodford, Senior Associate Allens Arthur Robinson

The FSR refinement regulations

In brief: The FSR refinement regulations are aimed at improving the quality of information provided to consumers, as well as reducing the compliance burden and clarifying the law for financial services industry participants. In December 2005, we reported on the making of the new Corporations Amendment Regulations 2005 (No 5) (the regulations) and noted that they differed (in some cases, significantly) from the exposure draft released by the Federal Government for public comment on 11 October 2005 (see AAR Focus: Financial Services Reform, October 2005). Below is a summary of the main changes that are now included in the regulations.