Recommendation 2.10 of the Financial Services Royal Commission Final Report recommended the establishment of a single disciplinary body for financial advisers and the requirement that all financial advisers who provide personal financial advice to retail clients be registered.
The Government has released for consultation a draft Bill which expands the role of the Financial Services and Credit Panel within ASIC to operate as the single disciplinary body for financial advisers. The draft Bill also creates new penalties and sanctions which apply to financial advisers found to have breached their obligations and introduces a new annual registration system for financial advisers.
Consistent with the 9 December 2020 joint media release of the Treasurer and Minister for Superannuation, Financial Services and the Digital Economy, the draft Bill also provides for the wind-up of the Financial Adviser Standards and Ethics Authority and the transfer of the functions of that Authority to the Minister responsible for the Corporations Act 2001 and ASIC.
The draft Bill also implements the Government’s response to recommendation 7.1 of the Independent Review of the Tax Practitioners Board by introducing a single registration and disciplinary system for financial advisers who provide tax (financial) advice services.
You can submit responses to this consultation up until 14 May 2021. Interested parties are invited to comment on this consultation.
While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.
All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.
Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.
View our submission guidelines for further information.
How To Respond
Address written submissions to:
Financial System Division
Parkes ACT 2600