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.
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