Key Documents
The Corporations Amendment (Further Future of Financial Advice Measures) Act 2012 (the Act) amends the Corporations Act 2001 to introduce a ban on conflicted remuneration for financial services licensees and their representatives. The new section 1528 in the Corporations Act 2001 and the Corporations Amendment Regulation 2012 (No. 8) 'grandfathers' certain benefits from the application of the ban on conflicted remuneration.
The draft Regulation amends the current arrangements to grandfather certain benefits that relate to the investments of existing clients prior to 1 July 2014. The ban on conflicted remuneration will apply to all new clients after this date.
A draft Regulation and a draft Explanatory Statement are provided below for comment.