Phillips Fox specialist Robert Tobias said the FSRB itself is “really the bare bones” of the legislation. “The practical details about how the new regime will operate on a day-to-day basis will be in these policy documents.”

Describing the papers as lengthy and very detailed, he said their scope and detail is enormous. “It appears likely that financial services organisations will require dedicated project teams to implement the reforms.

“These statements are in draft format only. There is still a lot of work ahead for the industry before the new regime will be fully operational.

“ASIC will be heavily reliant on feedback from the industry to ensure their proposals will be functional and effective.”

ASIC said that while each paper stands on its own, there are important links between many of the issues raised in them. “Consideration of any one paper should take into account the content of any related policy and process papers.”

Copies of the documents released so far can be obtained from the FSR page on the ASIC website at www.asic.gov.au/policy/index.cfm-id=F5E2E914-6C38-11D4-A4F8009027DE39A4&Method=full&story=yes.htm

NIBA members can save their fingers and access the information through the NIBA website. Others should try emailing ASIC on infoline@asic.gov.au or call 1300 300 630.

Written submissions on the papers must be with ASIC by Thursday June 7.