Delivering Better Financial Outcomes Tranche 1 – Draft Regulations

20 days left to have your say
Date
-
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.

Responding

You can submit responses to this consultation up until 08 July 2024. 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

Email

financialadvice@treasury.gov.au

Post

Address written submissions to:

Director
Advice and Investment Branch
Treasury
Langton Cres
Parkes ACT 2600

Enquiries

Email: financialadvice@treasury.gov.au