Date Time
Australia’s financial law intricacy hurts businesses and consumers
The complexity and prescriptiveness of Australian financial services laws makes it harder for businesses to meaningfully comply with the law, affecting businesses and consumers.
The Australian Law Reform Commission (ALRC) has been tasked by the Attorney-General of Australia the Hon Christian Porter MP with simplifying the legislative framework for corporations and financial services regulation. (See the Inquiry terms of reference.)
Key problems identified by the ALRC in its initial analysis of Australian financial services laws include:
overly prescriptive approach to regulation;
complex and unwieldy regulation, contained in various instruments;
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Wealthy Sydneysiders are spending up to $6 million on lawyers to wring out favourable property settlements in their divorce proceedings and litigation funders are moving into family law, paying the fees upfront in exchange for a percentage of the settlement.
The Sydney registry of the Family Court of Australia is renowned among family court judges for its acrimonious culture, where wealthy parties try to burn through their adversary s budget by pressing every conceivable point, a practice that is encouraged by some members of the legal profession.
Family law litigants are forking out millions for legal representation at the top end of town.
Litigation funding report a Christmas present for corporate criminals
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Litigation funders, plaintiff lawyers and federal Labor have rubbished a parliamentary report into litigation funding, accusing government MPs of giving corporations a green light to rip off customers and lie to investors.
Class Actions Australia spokesman and head of class actions at plaintiff law firm Slater & Gordon, Ben Hardwick, said the report was a Christmas present for corporate criminals .
Shadow attorney-general Mark Dreyfus accused government MPs of providing cover to government policy decisions.
Alex Ellinghausen
But company directors and defence lawyers say the recommendations are sensible, not before time and necessary to correct an imbalance in the legal marketplace.