Bill
Corporations Amendment (Financial Advice Measures) Bill 2016
passed, as at 2016-03-18. Treasury portfolio.
- Sponsor
- Not recorded
- Portfolio
- Treasury
Recorded stages
- introduced — 2014-03-19
- second reading — 2014-03-19
- second reading — 2014-08-27
- second reading — 2014-08-28
- second reading — 2014-08-28
- committee — 2014-08-28
- third reading — 2014-08-28
- introduced — 2014-09-01
- second reading — 2014-09-01
- second reading — 2015-11-24
- second reading — 2015-11-24
- committee — 2015-11-24
- third reading — 2015-11-24
- other — 2015-11-25
- other — 2016-03-01
- passed — 2016-03-01
- royal assent — 2016-03-18
Divisions
No divisions recorded. Most questions are decided on the voices; this does not establish that a bill was unopposed.
Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2014-03-19.
The bill would lower compliance costs for financial advisers by changing key parts of the Future of Financial Advice laws.
It would remove the requirement for clients to renew ongoing fee arrangements every two years and make fee disclosure statements only apply to agreements starting after 1 July 2013.
The explanatory memorandum says the government consulted with consumer and industry groups and made refinements based on that feedback.
- Remove the two-year renewal requirement for ongoing fee arrangements.
- Limit fee disclosure statements to clients who began their arrangement after 1 July 2013.
- Delete the catch-all provision from the best interests obligation.
- Better facilitate scaled advice.
- Permit benefits on general advice in certain circumstances (excluding commissions).
- Add extra disclosure and signing requirements for Statements of Advice.
Financial advisers and their clients.
Sources
em
em supp
em revised
em supp
billhome
frl act