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 coming weeks, including the proposed timelines and potential impacts. We will also be discussing this at the Good Governance Summit next month. If you have any questions in the meantime, please contact your Advice Coach.

Greg Dawes – greg.dawes@madisonfg.com.au

Kerry Fleming – kerry.fleming@madisonfg.com.au

Nina Bailey – nina.bailey@madisonfg.com.au

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