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New Financial Services Reform Bill – tabled in Parliament

The latest FSR Bill (linked to the Hayne Royal Commission) was tabled in the House of Representatives on 24 June, and has already moved to second reading. Assuming it passes both Houses of parliament, it will come into effect 1 January 2022.

Key changes are:

Single Disciplinary Body to be implemented;
Removal of requirement to be registered with the Tax Practitioners Board (subject to meeting education requirements);
Registration for Financial Advisers individually and annually; and
Wind up of FASEA with responsibility moving to the Minister responsible for administering the Corporations Act and to ASIC;

We will provide further information in the next newsletter, including the proposed timelines and potential impacts. If you have any questions in the meantime, please contact your Advice Coach.

In this Edition

· A message from Jaime

· The View

· Insurance Specialist Forum

· Changes to Advice Documentation

· New Financial Services Reform Bill

· Investment Update

· Save the Date

· Upcoming Webinars

· Australian Super – Annual Fee Consent

· CPD Reminder

· FASEA Exam Preparation Support

· Kaplan Scholarship

· From our Corporate Partners

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New Financial Services Reform Bill – tabled in Parliament

Key changes are:

Single Disciplinary Body to be implemented;
Removal of requirement to be registered with the Tax Practitioners Board (subject to meeting education requirements);
Registration for Financial Advisers individually and annually; and
Wind up of FASEA with responsibility moving to the Minister responsible for administering the Corporations Act and to ASIC;

We will provide further information in the next newsletter, including the proposed timelines and potential impacts. If you have any questions in the meantime, please contact your Advice Coach.