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Financial Services Laws General Amendment Bill

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Presentation on theme: "Financial Services Laws General Amendment Bill"— Presentation transcript:

1 Financial Services Laws General Amendment Bill
Standing Committee on Finance Parliament 23 April 2013

2 Consultation with ASISA members Consultation with NT and the FSB
Agenda About ASISA Consultation with ASISA members Consultation with NT and the FSB Support of the Bill Main concerns

3 Represents the majority of – Life insurance companies Asset managers
About ASISA Represents the majority of – Life insurance companies Asset managers Collective investment scheme management companies Linked investment services providers Mandated by members to pro-actively engage on policy, regulatory and other issues of common concern.

4 About ASISA ASISA members ASISA Board Executive Comm.
Remuneration Audit Disciplinary Executive Comm. ASISA Board Nominations Comm. Board Committees Investments Life and Risk Business Marketing & Distribution Economics and Savings Policy Regulatory Affairs Transformation, Skills Dev & Education Technical & Operations Standing Committees Working Groups

5 About ASISA

6 Established a Working Group under Regulatory Affairs Board Committee
Consultation with ASISA members Established a Working Group under Regulatory Affairs Board Committee Member nominated representatives serves on the Working Group Collated written comments from all ASISA members ASISA submission is the product of the deliberations of the Working Group Representative of ASISA membership’s views

7 Draft Bill – invited comments and hosted information session
Consultation with NT and the FSB Draft Bill – invited comments and hosted information session Draft ASISA comments to Parliament discussed on 18 February 2013 Feedback from this meeting taken into account in submission to Parliament Included in Annexure 1 of ASISA submission

8 ASISA supports majority of clauses
Support of the Bill ASISA supports majority of clauses No comment on clause means acceptance Substantive and technical comments Technical comments made where proposed wording may be problematic from an implementation perspective, proposed alternative wording for consideration

9 Obligation, not enabling Proportionate balance with regulatory powers
Main concerns Consultation process Obligation, not enabling Proportionate balance with regulatory powers Industry needs legal certainty Appropriate and robust Consistency and transparency Liability Proportionality Powers must be exercised with due skill, care and diligence

10 Thank you ASISA and its members appreciate the opportunity to appear before the Committee

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