Treasury has released for consultation exposure draft regulations and a draft legislative instrument supporting the Financial Sector Reform (Hayne Royal Commission Response—Better Advice) Bill 2021 (the Better Advice Bill) which was introduced into Parliament on 24 June 2021 to regulate financial advisers. Background.
The exposure draft regulations include:
- setting the criteria for when ASIC must refer matters to the single disciplinary body;
- specifying the administrative sanctions made against a financial adviser that must be included on the Financial Advisers Register;
- extending the deadline to complete the financial adviser exam to 30 September 2022 for financial advisers who have attempted the exam twice before 31 December 2021;
- proposing new fees for the financial adviser exam and registration of financial advisers from 1 January 2022; and
- outlining the registration, education and training requirements for financial advisers providing tax (financial) advice services.
It is intended the Better Advice Bill and the supporting regulations and legislative instrument will come into force on 1 January 2022.
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Author: David Jacobson
Principal, Bright Corporate Law
About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.