I cannot think of a past year where the pendulum of regulation has moved strongly in both directions within the same short period.

COVID-19 has energised de-regulation (or at least modernising) in the areas of document execution and company meetings.

And the Australian Law Reform Commission has commenced its multi-year program of simplifying financial services laws.

At the same time regulation of financial services providers has become more complicated: product design and distribution, marketing (hawking), internal dispute resolution, breach reporting and remediation.

Regulatory intervention has become less principles-based and more prescriptive of product types, sales channels and provider types (both issuers and distributors) at the same time as the government and regulators express support of innovation and new entrants.

It is more important than ever that you focus on ensuring that your products deliver their promised benefits for your customers.

And concentrate on the well-being of your staff in this stressful time.

As this is my last article for 2021, I wish you all the best over the holiday period and a successful new year.

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