Abstract:
This article examines the research conducted by Michael Adams and
Jeremy Green into the Changes in Liability for the Superannuation Industry
that was commissioned by the Fund Executives Association Limited in
August 2001. The surprise result was that the number of criminal offences
found in Ch 7 of the Corporations Act 2001 (Cth) will increase by 289% after
11 March 2002. The Financial Services Reform Act 2001 (Cth) has many
subtle changes caused by policy and legislative changes. The impact of the
Criminal Code Act 1995 (Cth) and the transfer of 'tandem liability offences'
from the Superannuation Industry (Supervision) Act 1993 (Cth) have also
had a significant impact. Finally, a policy discussion as to whether severely
increasing criminal offences actually provides an improvement in the
behaviour of financial services industry players.
