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The purpose of this paper is to critically analyze various aspects of Australian Financial Services Regulation in terms of Llewellyn's Theory of Financial Services Regulation and offer suggestions for the improvement of FSR based on the analysis. A discussion based approach is used to conduct this analysis. It is observed that the FSR Act, 2001 of Australia does not cover credit products thereby leaving an important segment of the market outside the purview of the Act. The policies developed by Australian Securities and Investment Commission (ASIC) on FSR Act relies on Industry self regulation as mechanism of creating trust and confidence in Financial Service Industry.
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