A Private Member’s Bill which proposes to change the name of ‘general advice’ has been referred to a Senate committee for review, while an extension has been granted for another advice inquiry.
In September last year, Senator Peter Whish-Wilson tabled a Bill in the Senate which proposes to replace the term ‘general advice’ with ‘general information’ (see: Legislation Seeks to Rename General Advice). The Private Member’s Bill has now been referred to the Senate Economics Legislation Committee for review.
According to Senator Whish-Wilson, the name change will provide greater clarity for consumers. “It is a small, pragmatic and simple step towards restoring confidence in this important industry,” he said.
The Committee is due to provide its report on the Bill by 11 August 2015.
Meanwhile, the Senate Economics References Committee has requested an extension to the reporting date for its Scrutiny of Financial Advice inquiry. The request follows the revelation that NAB wealth has compensated hundreds of clients who received poor advice over the past five years (see: New Advice Scandal Hits Sector).
An additional public hearing relating to this matter was held in Melbourne on 6 March, during which the Committee heard from a former NAB advice client, CBA whistleblower, Jeff Morris, and Head of NAB Wealth, Andrew Hagger. The Committee will now have until 1 February 2016 to deliver its report.
