The Corporations Amendment (Streamlining of Future of Financial Advice) Bill 2014 was this Thur 28.8.2014, passed by the House of Reps with 7 Government amendments and now moves to the Senate. Those amendments seek to:
- amend the Statement of Advice (SoA) requirements eg requiring that the SoA be signed by the providing entity, or an individual acting on behalf of the providing entity, and acknowledged by the client;
- amend the definition of basic banking product;
- extend the time for fee disclosure statements from 30 to 60 days after the client’s anniversary date;
- provide a more targeted execution-only provision;
- provide a more targeted general advice provision; and
- include enhanced regulation-making powers that permit regulations to prescribe when a benefit is or is not conflicted remuneration.
[LTN 166, 28/8/14]