ASIC’s intervention powers are expanding: here’s what it means

Alex Burke,  Senior Writer,  No More Practice Education

Putting aside the chaos in Canberra, consultation for ASIC's intervention powers has finished. Here are the new laws and what they mean for you.

In July, then-Minister for Revenue and Financial Services Kelly O'Dwyer opened consultation for the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Bill 2018, which is designed to "ensure that financial products are targeted and sold appropriately."

She added at the time that the new laws will enable ASIC to "intervene in the distribution of the product to prevent harm to consumers" in circumstances where it's determined that the product is being "inappropriately targeted or sold."

Let's break this down:

Who is affected?

The proposed law targets "retail product distribution conduct," which is defined as dealing in the product in relation to a retail client; giving a disclosure document in relation to an offer of the product to a retail client; providing financial product advice in relation to

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