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Product Focused Financial Laws No Good

Current financial services legislation is too heavily focused on labelling advisers as product providers rather than advice providers, says a financial services lawyer.

For this reason, according to Imac legal & compliance principal Ian McDermott, Chapter 7 of the Corporations Act – which sets out the main provisions that cover financial services – should be scrapped and reworked

“There is no escaping the fact that the financial services laws were drafted ostensibly with financial products in mind,” Mr McDermott said.

Read the full article in ifa


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