The Federal Government’s corporate and financial services regulation review is being pushed through the consultative process to get it ready for the legislative draughtsmen as soon as possible.

Parliamentary Secretary to the Treasurer Chris Pearce says the Government is continuing to work with an unexpectedly large number of industry stakeholders who have concerns with the package. But he’s keen to see it moved to the legislative stage “as a matter of priority”.

Speaking at the Financial Industry Complaints Service annual conference in Melbourne last week, he said the regulation review proposals paper was released for public consultation in November.

“Most of the proposals developed through this process will be implemented through a ‘Simpler Regulatory System Bill’, which is scheduled to be introduced into Parliament this year,” he said. “Some of the more straightforward proposals will be handled through amendments to the Corporations Regulations.”

Mr Pearce says the response to the proposals paper – more than 100 submissions were received from industry and consumer groups – was beyond expectations. “Clearly, there is significant appetite for refinement to the way the law operates in these areas.

“In particular, there has been considerable debate regarding aspects of financial advice regulation, and Treasury is consulting closely with stakeholders on other options for addressing the issues,” he said.

The sales recommendation proposal has caused considerable intermediary concern, and the Government is now in the process of making modifications after many negotiations with NIBA and other groups.