The Albanese government has started winding back Coalition reforms of the class actions regime by removing regulatory oversight for litigation funders before the likely introduction of contingency fees.
Assistant Treasurer Stephen Jones and Attorney-General Mark Dreyfus have released draft regulations that mean funders will no longer need to hold an Australian financial services licence (AFSL) or comply with the rules for managed investment schemes (MIS).
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Michael Pelly was The Australian Financial Review’s legal editor