{"id":70651,"date":"2024-03-28T08:57:04","date_gmt":"2024-03-27T22:57:04","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=70651"},"modified":"2024-04-05T11:59:25","modified_gmt":"2024-04-05T01:59:25","slug":"further-financial-advice-legislation-in-2024","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2024\/03\/28\/further-financial-advice-legislation-in-2024\/","title":{"rendered":"Further Financial Advice Legislation in 2024"},"content":{"rendered":"

2024 will see further legislation developed to implement the remaining elements of the Government\u2019s financial advice reform package.<\/p>\n

In a statement outlining the Government\u2019s introduction this week of the first tranche of legislation to deliver its financial advice package of reforms, Financial Services Minister Stephen Jones <\/strong>stated that further legislation \u201c\u2026will be developed to implement the remaining elements of the Delivering Better Financial Outcomes package in 2024.\u201d<\/p>\n

\"\"<\/a>
Stephen Jones …the legislation streamlines the delivery of financial advice<\/figcaption><\/figure>\n

As to the legislation currently before Parliament, Jones says the Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Bill 2024<\/em> \u201c\u2026implements reforms which reduce unnecessary red tape that adds to the time and cost of preparing financial advice (see: First Tranche of Govt’s Response to QoA Review in Parliament<\/a>).<\/p>\n

He says the current legislation \u201c\u2026streamlines the delivery of financial advice by consolidating fee documents for ongoing fee arrangements into one simplified document and allows more flexibility in how financial services guides are provided.\u201d<\/p>\n

…the rules for conflicted remuneration will be simplified…<\/p><\/blockquote>\n

Jones adds that the rules for conflicted remuneration \u201c\u2026will be simplified by making clear that benefits paid by clients, including from their superannuation accounts, are not conflicted remuneration.\u201d<\/p>\n

The legislation also \u201c\u2026strengthens transparency and protections for consumers who receive personal advice by introducing a consent requirement before purchasing an insurance product that will result in a commission payment.\u201d<\/p>\n

Jones also notes the amendments will support Australians to access the advice they need \u201c\u2026 by making clear in the law that Australians can use their superannuation accounts to pay for financial advice about their superannuation.”<\/p>\n

He says it does not expand the scope of fees which can be charged to superannuation accounts.<\/p>\n","protected":false},"excerpt":{"rendered":"

2024 will see further legislation developed to implement the remaining elements of the Government\u2019s financial advice reform package. In a statement outlining the Government\u2019s introduction this week of the first tranche of legislation to deliver its financial advice package of reforms, Financial Services Minister Stephen Jones stated that further legislation \u201c\u2026will be developed to implement […]<\/p>\n","protected":false},"author":24,"featured_media":70655,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,3,8282],"tags":[],"class_list":{"0":"post-70651","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-compliance-regulation","8":"category-general","9":"category-government"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/70651","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\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=70651"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/70651\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/70655"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=70651"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=70651"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=70651"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}