The Australian Law Reform Commission will host a webinar on Wednesday discussing its proposed financial services legislation reforms.

In January, the commission finalised plans to revamp the “convoluted” laws following a three-year inquiry. Its final report makes 58 recommendations.

The Confronting Complexity webinar will discuss how an overhauled legislative framework will be easier to navigate and reduce costs.

Since 2001 the Corporations Act has almost doubled in length to more than 800,000 words. The commission says current arrangements are a “tangled mess”, costly to comply with and unnecessarily difficult to enforce.

The reform proposals include a “Financial Services Law” becoming the primary legislation containing key regulatory provisions, appearing as schedule 1 of the Corporations Act.

A single “Scoping Order” would replace hundreds of regulations and Australian Securities and Investments Commission legislative instruments.

Offence and penalty provisions would be consolidated into a smaller number that cover the same conduct.

The commission’s final report is available here. Register for the webinar here.