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;