This consultation process has now been completed.
Date
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Consultation Type
Exposure Draft Regulations
Key Documents
The Australian Government is consulting on the Treasury Laws Amendment (Delivering Better Financial Outcomes) Regulations 2024 (draft regulations). These are consequential amendments to support the implementation of the Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Bill 2024 (the Amending Bill) and delivery of the first tranche of the government’s response to the Quality of Advice Review.
The draft regulations:
- support written information or documentation requirements for the purposes of section 99FA of the Superannuation Industry (Supervision) Act 1993 to continue to be met electronically
- remove requirements related to Fee Disclosure Statements, update record keeping obligations for new consent requirements and remove references to civil penalties which are removed in the Amending Bill
- align requirements for Financial Services Guides and Website Disclosure Information and make other consequential amendments
- streamline the regulations for conflicted remuneration in line with the changes to the Amending Bill
- ensure the informed consent requirements apply for benefits given in relation to a general insurance product where personal advice is provided.
We encourage all interested parties to provide feedback on the draft regulations by 8 July 2024.