The Australian Securities & Investments Commission (Asic) is seeking feedback from industry participants on its new product intervention powers.

The product intervention power allows the corporate regulator to intervene and take temporary action where financial and credit products have resulted in or likely to result in significant consumer detriment. The range of temporary actions include banning a product or product feature, imposing sale restrictions, amending product information or choice architecture. ‘Asic can now step in and respond to significant consumer detriment in a targeted and timely way,’ said Karen Chester,

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