{"id":31833,"date":"2015-12-03T17:00:32","date_gmt":"2015-12-03T07:00:32","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=31833"},"modified":"2015-12-09T06:10:29","modified_gmt":"2015-12-08T20:10:29","slug":"advisers-get-one-month-to-comment-on-lif-draft-legislation","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2015\/12\/03\/advisers-get-one-month-to-comment-on-lif-draft-legislation\/","title":{"rendered":"Advisers Get One Month to Comment on LIF Draft Legislation"},"content":{"rendered":"

Financial advisers and licenses will have one month to make submissions to the Federal Government after it announced that submissions regarding draft legislation will close on 4 January 2016.<\/p>\n

The Government released the draft legislation on 3 December, a month after it had announced that clawbacks would be reduced to two years<\/a>, instead of three.<\/p>\n

A statement on The Treasury website, through which submissions can be made, said the draft legislation was \u201cto better align the interests of retail life insurers with consumers\u201d.<\/p>\n

\"Assistant<\/a>
Assistant Treasurer, Kelly O’Dwyer<\/figcaption><\/figure>\n

A similar statement from the Assistant Treasurer, Kelly O\u2019Dwyer<\/strong> said the draft legislation would \u201cgive effect to an industry reform package which will improve the remuneration arrangements in the life insurance advice sector\u201d.<\/p>\n

“This package will ensure that the interests of financial firms and consumers are better aligned,” O’Dwyer said, stating the draft legislation was the next step after the November 6 announcements.<\/p>\n

The draft legislation will seek to amend The Corporations Act 2001 to give the Australian Securities and Investments Commission (ASIC) the power to create a legislative instrument to set caps on commissions and implement clawback arrangements.<\/p>\n

O\u2019Dwyer stated the \u201cthe final form of ASIC’s instrument will be a matter for ASIC, as the independent regulator\u201d with ASIC yet to begin its separate consultation process on its legislative instrument.<\/p>\n

Stakeholders who wish to make a comment on the exposure draft legislation can do so via the Treasury website<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Financial advisers and licenses will have one month to make submissions to the Federal Government after it announced that submissions regarding draft legislation will close on 4 January 2016.<\/p>\n","protected":false},"author":3,"featured_media":31904,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,270],"tags":[4247],"class_list":["post-31833","post","type-post","status-publish","format-standard","has-post-thumbnail","category-compliance-regulation","category-remuneration","tag-feature"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/31833","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\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=31833"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/31833\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/31904"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=31833"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=31833"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=31833"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}