Status of options paper on firm regulation

Question

Senator BARBARA POCOCK: Thanks again for being here. I just want to clarify some of the earlier evidence-I think it was from you, Mr Quinlivan-that this report was met with an options paper, which was prepared, but that options paper did not get past the desk of the assistant minister. Have I understood that correctly? Mr Quinlivan: There was a process around that consultation paper. We received a range of feedback, which was quite extensive, as you saw in the questions. Senator BARBARA POCOCK: My question is not about the paper itself. Mr Quinlivan: I understand. A range of feedback that was kind of set out in the FOI that was released, as you've seen. I guess there was a range of views in that feedback as well, not all consistent. That FOI that I released went to what could be a process that might seek further information on what those options could look like, and subsequent to that, there was a paper prepared that would have fleshed out what more of those options could look like, which wasn't released. But subsequent to that, we've done a range of work on how we could refine those options, taking into account the range of complex issues, dealing with them, and how you might implement those, and, if we are going to address the gap, how do we make sure we've got a framework that would actually work to regulate the firms. As you have discussed previously, that kind of regulation is limited to the individual level and not the firm level. Senator BARBARA POCOCK: To make sure I understand the nature of the reports: after this, an options paper was developed and then subsequently a further paper, neither of them released, which canvassed what the next steps might be around those options. Is that correct? Mr Quinlivan: We've continued to do work on what options could look like in a more detailed way. That more detailed work hasn't fed into a paper. Senator BARBARA POCOCK: Is there a plan to release that more detailed work? Can you take on notice providing that material to us. Mr Quinlivan: I can take that on notice.

Answer

See attached response.

Documents

• Question with answer (PDF) (opens in a new tab)
• SQ26-000448 BET133 - Status of options paper on firm regulation.pdf (opens in a new tab)