Gregory F Parkin
GPO Box 6
Canberra  ACT  2601

General Manager						31 December 2012
Retail Investor Division
The Treasury
Langton Crescent
PARKES ACT 2600
Email: futureofadvice@treasury.gov.au

Dear Manager

Exposure Draft - Legislative amendments relating to the use of the expressions 'financial planner' and 'financial adviser'

I am writing to point out two mistakes in paragraph 1.13 of the exposure draft Explanatory Memorandum.

It says

A ‘designated financial product’ is a general insurance product (other than a sickness and accident insurance product), a consumer credit insurance product, a basic deposit product, a non-cash payment product, or a First Home Saver Account (FHSA) product. [Schedule 2, item 1, subsection 923C(5)] .

This fundamentally misrepresents the effect of the provision.  The provision defines “designated financial product” to mean a financial product other than those listed.

Paragraph 1.13 also says 
A ‘consumer credit insurance product’ is defined by regulations made for the purposes of subparagraph 761G(5)(v) of the Act. 

This should say subparagraph 761G(5)(b)(v).

Yours sincerely

Greg Parkin