Australia’s financial services laws needed to be rewritten from scratch in order to eliminate structural problems and complexity, and to integrate recent legislative changes, imac legal & compliance said yesterday. Speaking to financial observer, imac principal and financial services lawyer Ian McDermott said chapter seven of the Corporations Act, which represented the main financial services provisions, was focused on financial products not strategic advice, and this had to change in order for the industry to evolve into a profession.
Read the full article in Financial Observer
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