Friday, 9 February 2018

Product Design and Distribution Obligations and Product Intervention Power – Draft Legislation

We strongly support the Bill and ASIC’s Product Intervention Powers. However, we recommend that the Bill be amended so that all stages of the intermediated models of production and distribution are be captured. In particular, we recommend that product ‘manufacturers’ should be covered by the Bill: this would also better align the Bill with international disclosure trends. We support the exclusion of MySuper from the Bill, given MySuper requirements are more onerous. We are pleased to see the inclusion of Choice products. The complementary powers which would be provided to ASIC would lie on a regulatory framework from which there have been systemic carveouts. AIST appreciates fixing these is a longer-term project.