At ASIC’s annual forum on Thursday, President Joe Longo called on lawmakers, regulators and businesses to work together to reduce the complexity of financial services regulation, in the interest of providing future generations with a more effective and efficient system.

This is a welcome call. Our Financial Services Act is a disaster, harming the Australian economy through reduced productivity and increased costs for everyone. ASIC will initiate the process through consultations, but legislation will be required.

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