Chapter 1 - Introduction

[1]        Journals of the Senate No. 121, 20 September 2018, p. 3842.

[2]        Explanatory Memorandum, p. 3.

[3]        Financial System Inquiry (Chair Mr David Murray), reiterating an observation from the Interim Report, Final Report, November 2014, p. 199, http://fsi.gov.au/files/2014/12/FSI_
Final_Report_Consolidated20141210.pdf (accessed 19 October 2018).

[4]        Financial System Inquiry, Final Report, November 2014, p. 195 (emphasis in original).

[5]        The Hon Stuart Robert, Assistant Treasurer, House of Representatives Hansard, 20 September 2018, p. 37.

[6]        The Treasury, Design and distribution obligations and product intervention power: Proposals Paper, December 2016, Appendix C https://static.treasury.gov.au/uploads/sites/1/2017/06/
C2016-054_Design-and-distribution-obligations.pdf (accessed 25 October 2018).

[7]        The Treasury, Design and distribution obligations and product intervention power, https://treasury.gov.au/consultation/design-and-distribution-obligations-and-product-intervention-power/ (accessed 24 October 2018).

[8]        The Treasury, Design and Distribution Obligations and Product Intervention Power – Draft Legislation, https://treasury.gov.au/consultation/c2017-t247556/ (accessed 24 October 2018).

[9]        The Treasury, Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Power) Bill 2018, https://treasury.gov.au/consultation/c2018-t312297/ (accessed 24 October 2018).

[10]      Explanatory Memorandum, p. 10.

[11]      The Treasury, Design and distribution obligations and product intervention power: Proposals Paper, p. 11.

[12]      Explanatory Memorandum, pp. 26–27.

[13]      Explanatory Memorandum, p. 24.

[14]      Explanatory Memorandum, p. 50; Ms Kate O'Rourke, Principal Adviser, Consumer and Corporations Policy Division, The Treasury, Committee Hansard, 1 November 2018, pp. 35–6.

Chapter 2 - Views on the bill

[1]        Australian Shareholders Association, CHOICE, Care inc. Financial Counselling Service and Consumer Law Centre ACT, Consumer Credit Law Centre SA, Consumer Credit Legal Service WA, Consumer Action Law Centre, Consumers' Federation of Australia, COTA Australia, Financial Counselling Australia, Financial Rights Legal Centre (hereinafter referred to as Consumer Groups), Submission 2, p. 2.

[2]        Ms Katherine Temple, Senior Policy Officer, Consumer Action Law Centre, Committee Hansard, 31 October 2018, p. 5; Mr Greg Kirk, Senior Executive Leader, Strategy Group, ASIC, Committee Hansard, 1 November 2018, p. 23; Mr John Anning, General Manager, Regulatory Policy, Insurance Council of Australia, Committee Hansard, 31 October 2018, p. 20.

[3]        Allianz Australia Insurance Limited, Submission 5, p. 2.

[4]        Australian Banking Association, Submission 13, p. 1.

[5]        Financiers Association of Australia, Submission 7, p. 9.

[6]        National Insurance Brokers Association, Submission 11, covering letter and p. 3.

[7]        Finance Industry Delegation, Submission 15, p. 1.

[8]        Mr Phillip Smiles, Co-ordinator, Finance Industry Delegation, Committee Hansard, 31 October 2018, p. 14.

[9]        Consumer Groups, Submission 2, p. 2; Dr Nicholas Coates, Head, Research and Campaigns, Industry Super Australia, Committee Hansard, 1 November 2018, p. 11.

[10]      Mr David Haynes, Australian Institute of Superannuation Trustees (AIST),
Committee Hansard, 1 November 2018, p. 15.

[11]      Hansard, 31 October 2018, p. 3.

[12]      Mr Greg Kirk, Senior Executive Leader, Strategy Group, Australian Securities and Investments Commission, Committee Hansard, 1 November 2018, p. 24.

[13]      Australian Securities and Investments Commission (ASIC), Submission 4, pp.3–4; Consumer Groups, Submission 2, p. 4.

[14]      Miss Christine Cupitt, Executive Director, Policy, Australian Banking Association,Committee Hansard, 1 November 2018, p. 9.

[15]      Australian Securities and Investments Commission (ASIC), Submission 4, p. 4.

[16]      SMSF Association, Submission 17, p. 1.

[17]      Ms Kate O'Rourke, Principal Adviser, Consumer and Corporations Policy Division, The Treasury, Committee Hansard, 1 November 2018, p. 35.

[18]      For example, Mr David Haynes, Australian Institute of Superannuation Trustees (AIST), Committee Hansard, 1 November 2018, p. 16, p. 17.

[19]      ASIC, Committee Hansard, 1 November 2018, p. 24.

[20]      Mr Phillip Smiles, Committee Hansard, 31 October 2018, p. 15.

[21]      Ms Katherine Temple, Committee Hansard, 31 October 2018, p. 4; Ms Erin Turner, Director, Campaigns and Communications, CHOICE, Committee Hansard, 31 October 2018, pp. 2–3; Consumer Groups, Submission 2, p. 4.

[22]      Financial Planning Association of Australia, Submission 6.

[23]      Mr Greg Kirk, Committee Hansard, 1 November 2018, p. 25.

[24]      Industry Super Australia, Submission 17, p. 1; Industry Super Australia, Submission 17, p. 3.

[25]      Australian Institute of Superannuation Trustees (AIST), Submission 12, p. 2.

[26]      ASIC, Submission 4 p. 3; Industry Super Australia, Submission 17, p. 3.

[27]      Ms Erin Turner, Committee Hansard, 31 October 2018, p. 5.

[28]      Ms Kate O'Rourke, Committee Hansard, 1 November 2018, p. 35.

[29]      UniSuper, Submission 1.

[30]      Customer Owned Banking Association, Submission 3, pp. 1–3.

[31]      Miss Christine Cupitt, Committee Hansard, 1 November 2018, p. 7.

[32]      Ms Erin Turner, Committee Hansard, 31 October 2018, p. 7; Mr Greg Kirk, Committee Hansard, 1 November 2018, p. 22.

[33]      Ms Kate O'Rourke, Committee Hansard, 1 November 2018, pp. 30–1.

[34]      National Insurance Brokers Association, Submission 11, p. 11.

[35]      Allianz, Submission 5, p. 4; National Insurance Brokers Association, Submission 11, p. 4.

[36]      Allianz, Submission 5, p. 8; Insurance Council of Australia, Submission 9, p. 2; Mr John Anning, General Manager, Regulatory Policy, Insurance Council of Australia, Committee Hansard, 31 October 2018, p. 22, p. 23; National Insurance Brokers Association, Submission 11, p. 5.

[37]      Miss Christine Cupitt, Committee Hansard, 1 November 2018, p. 8.

[38]      Mr Greg Kirk, Committee Hansard, 1 November 2018, p. 23.

[39]      For example, Ms Katherine Temple, Committee Hansard, 31 October 2018, p. 7.

[40]      Mr Greg Kirk, Committee Hansard, 1 November 2018, p. 21.

[41]      For example, Mr Jon Ireland, Partner, Norton Rose Fulbright, Financial Services Council, Committee Hansard, 1 November 2018, p. 3; Ms Christine Cupitt, Australian Banking Association, Committee Hansard, 1 November 2018, p. 6, p. 9.

[42]      Mr Greg Kirk, Committee Hansard, 1 November 2018, p. 21.

[43]      AustralianSuper, Submission 16, p. 1; Law Council of Australia, Submission 18.

[44]      Australian Timeshare and Holiday Ownership Council, Submission 10, p. 2.

[45]      Ms Kate O'Rourke, Committee Hansard, 1 November 2018, p. 33.

[46]      Allianz, Submission 5, p. 2; Insurance Council of Australia, Submission 9, p. 2; National Insurance Brokers Association, Submission 11, p. 4.

[47]      Dr Nicholas Coates, Committee Hansard, 1 November 2018, p. 15.

[48]      National Insurance Brokers Association, Submission 11, p. 8.

[49]      Industry Super Australia, Submission 17, p. 2.

[50]      Mr David Haynes, Committee Hansard, 1 November 2018, p. 15.

[51]      Ms Kate O'Rourke, Committee Hansard, 1 November 2018, p. 31, p. 32.

[52]      ASIC, Submission 4, p. 5.

[53]      Mr Greg Kirk, Committee Hansard, 1 November 2018, p. 26.

[54]      Mr Christian Mikula, Senior Specialist, Deposit Takers Credit and Insurance, ASIC, Committee Hansard, 1 November 2018, p. 26.

[55]      Ms Erin Turner, Committee Hansard, 31 October 2018, p. 6.

[56]      Ms Kate O'Rourke, Committee Hansard, 1 November 2018, p. 36.

[57]      AIST, Submission 12, p. 2.

[58]      Ms Katherine Temple, Committee Hansard, 31 October 2018, p. 5.

[59]      National Insurance Brokers Association, Submission 11, p. 6, p.10.

[60]      Australian Banking Association, Submission 13, p. 5.

[61]      Allianz, Submission 5, p. 10; Industry Super Australia, Submission 17, p. 11.

[62]      Ms Kate O'Rourke, Committee Hansard, 1 November 2018, p. 30.

[63]      Australian Timeshare and Holiday Ownership Council, Submission 10, p. 4.

[64]      Financial Services Council, Submission 14, p. 5.

[65]      Finance Industry Delegation, Submission 15, p. 5; Mr Phillip Smiles, Committee Hansard, 31 October 2018, p. 13.

[66]      Finance Industry Delegation, Submission 15, p. 1.

[67]      Ms Erin Turner, Committee Hansard, 31 October 2018, p. 6.

[68]      Mr Greg Kirk, Committee Hansard, 1 November 2018, p. 20.

[69]      Australian Banking Association, Submission 13, p. 4.

[70]      ASIC, Submission 4, p. 4.

[71]      ASIC, Submission 4, p. 4.

[72]      Mr Tommy Kiang, Senior Policy Manager, Customer Owned Banking Association, Committee Hansard, 31 October 2018, pp. 11–12.

[73]      Allianz, Submission 5, p. 3; Financial Services Council, Submission 14, p. 2 and timeline at Attachment 2.

[74]      Mr John Anning, Committee Hansard, 1 November 2018, p. 2, p. 3.

[75]      Mr David Haynes, Committee Hansard, 1 November 2018, p. 17.

[76]      Mr Greg Kirk, Committee Hansard, 1 November 2018, p. 21.

[77]      Senate Standing Committee for the Scrutiny of Bills, Scrutiny Digest 12/18, 17 October 2018, p. 51.

[78]      Ms Kate O'Rourke, Committee Hansard, 1 November 2018, p. 34.

[79]      Senate Standing Committee for the Scrutiny of Bills, Scrutiny Digest 12/18, 17 October 2018, pp. 50–52.

[80]      Ms Kate O'Rourke, Committee Hansard, 1 November 2018, p. 34.

Additional Comments from Labor Senators

[1]        ASIC, Submission 4, p. 3.

[2]        Mr Paul Callaghan, Committee Hansard, 1 November 2018, p. 4.

[3]        Ms Katherine Temple, Committee Hansard, 31 October 2018, p. 1.

[4]        ASIC, Submission 4, p. 3.

[5]        Consumer organisations, Submission 2—Attachment 1, pp. 7–8.

[6]        Miss Christine Cupitt, Committee Hansard, 1 November 2018, p. 9.

[7]        Ms Kate O'Rourke, Committee Hansard, pp. 34–35.

[8]        ASIC, Submission 4, p. 4.

[9]        Dr Nick Coates, Committee Hansard, 1 November 2018, pp. 11–12.

[10]      Mr Greg Kirk, Committee Hansard, 1 November 2018, p. 25.

[11]      Ms Kate O'Rourke, Committee Hansard, 1 November 2018, p. 31.

[12]      ASIC, Submission 4, p. 5

[13]      Afterpay, Submission 8, p. 3.

[14]      Consumer organisations, Submission 2, p. 4.

[15]      Ms Katherine Temple, Committee Hansard, 31 October 2018, p. 2.

[16]      Ms Katherine Temple, Committee Hansard, 31 October 2018, p. 2.

[17]      Department of the Treasury, Answers to questions taken on notice at a public hearing in Melbourne on 1 November 2018 (received 5 November 2018), accessed via https://www.aph.gov.au/Parliamentary_Business/Committees/Senate/Economics/TLABproductintervention/Additional_Documents.

[18]      Committee Hansard, 1 November 2018, p. 36.