The Federal Treasury has released draft regulations supporting the implementation of the first tranche of the Government’s response to measures recommended in Michelle Levy’s Quality of Advice Review.
According to a statement released by the Treasury this week, the draft regulations are intended to achieve outcomes including:
- Removal of requirements related to processes such as:
- Fee Disclosure Statements
- Updated record keeping obligations for new consent requirements
- Aligning requirements for Financial Services Guides and Website Disclosure Information
- Streamlining the regulations for conflicted remuneration in line with the changes to the Amending Bill
- Ensuring the informed consent requirements apply for benefits given in relation to a general insurance product where personal advice is provided
Riskinfo readers can click here to access the explanatory statement accompanying the exposure draft, and click here to read the proposed regulations themselves.
Advisers and other industry stakeholders wishing to submit responses to the Treasury during the four-week consultation period, which concludes on 8 July 2024, can do so by emailing: financialadvice@treasury.gov.au.
These regulations, once implemented, will precede further legislation to be introduced into Federal Parliament later this year by Financial Services Minister, Stephen Jones, intended to address the remaining elements of the Government’s ‘Delivering Better Financial Outcomes’ package of measures, which are predicated around the Quality of Advice Review recommendations. (see: Further Financial Advice Legislation in 2024).
