SMSF Association Submission – Financial Services Legislation: Interim Report A (ALRC Report 137)

The SMSF Association welcomes the opportunity to provide this submission in response to the
Australian Law Reform Commission’s (“ALRC”) Financial Services Legislation: Interim Report A. We
thank the ALRC for their detailed and considered first interim report and extensive consultation
process.

We greatly appreciate this inquiry and the comprehensive and considered work the ALRC is doing to
achieve more meaningful compliance with the substance and intent of the law.

We support the ALRC’s recommendations and broadly support the proposals put forward. Our submission includes additional feedback in response to some of the proposals and questions which are set out, including: 

• A1 – Empirical Data
• A2 – When to Define
• A8 – Disclosure
• A9 – A12 – Exclusions, Exemptions, and National Amendments
• A13 – A15 – Definition of ‘Financial Product Advice’
• A16 – A17 – Definition of ‘Retail Client’ and ‘Wholesale Client’
• A18 – A21 – Conduct Obligations
• A24 – Conduct Obligations – Best Interests Duty