{"id":14901,"date":"2012-03-22T10:47:25","date_gmt":"2012-03-22T00:47:25","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=14901"},"modified":"2012-04-11T00:26:24","modified_gmt":"2012-04-10T14:26:24","slug":"opt-in-class-relief-offered","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2012\/03\/22\/opt-in-class-relief-offered\/","title":{"rendered":"Opt-in Class Relief Offered"},"content":{"rendered":"

The Minister for Financial Services and Superannuation, Bill Shorten<\/strong>, has confirmed that advisers who sign up to professional code of conduct will not have to abide by the opt-in requirements.<\/p>\n

The Minister made the announcement in Parliament today, at the conclusion of the debate on the Future of Financial Advice (FoFA) reforms.<\/p>\n

Effectively confirming speculation earlier this week about an agreement between the Financial Planning Association (FPA) and Industry Super Network (ISN) (see: FPA, ISN Dealing on Opt-in<\/a>), the Minister said that financial planners who signed-up to a professional code of conduct would be granted class-order relief by ASIC in relation to the opt-in requirement.\u00a0 He did not, however, specify an implementation timeline of four years as originally indicated.<\/p>\n

The amendment, as tabled by the Minister, reads as follows:<\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (1)\u00a0 ASIC may exempt a person, or a class of persons, from section 962K (the opt-in requirement<\/strong>), if ASIC is satisfied that the person is, or persons of that class are, bound by a code of conduct approved by ASIC for the purposes of this section.<\/em><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (2)\u00a0 A code of conduct is approved by ASIC for the purposes of this section if:<\/em><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (a)\u00a0 the code of conduct is approved by ASIC under section\u00a01101A; and<\/em><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (b)\u00a0 ASIC is satisfied that the code of conduct obviates the need for persons bound by the code to be bound by the opt-in requirement; and<\/em><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (c)\u00a0 ASIC is satisfied of any other matters prescribed by the regulations.<\/em><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (3)\u00a0 The exemption must be in writing and ASIC must publish notice of it in the Gazette.<\/em><\/p>\n

In addition, the Government pledged to table legislation by 1 July 2013 which would enshrine the term ‘financial planner\/financial adviser’ in law.<\/p>\n

Minister Shorten specifically thanked Mark Rantall<\/strong>, FPA CEO, for agreeing to a revision of the approach to opt-in, and the ISN’s David Whitely<\/strong> for his contribution.<\/p>\n

Following Minister Shorten’s speech, the debate was adjourned and referred back to the House of Representatives to vote on the Bills and amendment.<\/p>\n

riskinfo will continue to update this story as more details come to hand.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Minister for Financial Services and Superannuation, Bill Shorten, has confirmed that advisers who sign up to professional code of conduct will not have to abide by the opt-in requirements.<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[282,259,8],"tags":[],"class_list":["post-14901","post","type-post","status-publish","format-standard","category-associations","category-breaking","category-compliance-regulation"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/14901","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=14901"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/14901\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=14901"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=14901"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=14901"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}