Background Paper FLS9 All Roads Lead to Rome
The Corporations Committee of the Business Law Section of the Law Council of Australia (the Committee) takes this opportunity to provide feedback on the Amended Proposals contained in Background Paper FSL9 issued by the Australian Law Reform Commission (ALRC).1
The Committee considers that the topics covered by this Background Paper are among the more important of the reform initiatives being considered by the ALRC in its current review of financial services law and, therefore, deserve particularly close attention and scrutiny.
The Business Law Section’s Financial Services Committee has also participated in preparing this submission and agrees with the views expressed by the Committee.
The Committee agrees strongly with the ALRC’s view reflected in the Background Paper that the current proliferation of legislative provisions in the areas of unconscionability and misleading or deceptive conduct contributes to unnecessary complexity in the law and causes increases in compliance and other costs.
The Committee considers the policy rationale for simplification to be compelling.
1 Background Paper FSL9 "Legislative Framework for Corporations and Financial Services Reform. All roads lead to Rome: unconscionable and misleading or deceptive conduct in financial services law" December 2022.