{"id":71875,"date":"2024-06-11T19:23:15","date_gmt":"2024-06-11T09:23:15","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=71875"},"modified":"2024-06-11T19:23:15","modified_gmt":"2024-06-11T09:23:15","slug":"draft-qoa-review-reform-regulations-released","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2024\/06\/11\/draft-qoa-review-reform-regulations-released\/","title":{"rendered":"Draft QoA Review Reform Regulations Released"},"content":{"rendered":"<p>The Federal Treasury has released draft regulations supporting the implementation of the first tranche of the Government\u2019s response to measures recommended in <strong>Michelle Levy\u2019s<\/strong> Quality of Advice Review.<\/p>\n<p>According to a statement released by the Treasury this week, the draft regulations are intended to achieve outcomes including:<\/p>\n<ul>\n<li>Removal of requirements related to processes such as:\n<ul>\n<li>Fee Disclosure Statements<\/li>\n<li>Updated record keeping obligations for new consent requirements<\/li>\n<\/ul>\n<\/li>\n<li>Aligning requirements for Financial Services Guides and Website Disclosure Information<\/li>\n<li>Streamlining the regulations for conflicted remuneration in line with the changes to the Amending Bill<\/li>\n<li>Ensuring the informed consent requirements apply for benefits given in relation to a general insurance product where personal advice is provided<\/li>\n<\/ul>\n<p>Riskinfo readers can <a href=\"https:\/\/treasury.gov.au\/sites\/default\/files\/2024-06\/c2024-538585-es.pdf\" target=\"_blank\" rel=\"noopener\">click here<\/a> to access the explanatory statement accompanying the exposure draft, and <a href=\"https:\/\/treasury.gov.au\/sites\/default\/files\/2024-06\/c2024-538585-ed.pdf\" target=\"_blank\" rel=\"noopener\">click here<\/a> to read the proposed regulations themselves.<\/p>\n<p>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: <a href=\"mailto:financialadvice@treasury.gov.au\" target=\"_blank\" rel=\"noopener\">financialadvice@treasury.gov.au<\/a>.<\/p>\n<p>These regulations, once implemented, will precede further legislation to be introduced into Federal Parliament later this year by Financial Services Minister, <strong>Stephen Jones<\/strong>, intended to address the remaining elements of the Government&#8217;s &#8216;Delivering Better Financial Outcomes&#8217; package of measures, which are predicated around the Quality of Advice Review recommendations. (see: <a href=\"https:\/\/riskinfo.com.au\/news\/2024\/03\/28\/further-financial-advice-legislation-in-2024\/\" target=\"_blank\" rel=\"noopener\">Further Financial Advice Legislation in 2024<\/a>).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Federal Treasury has released draft regulations supporting the implementation of the first tranche of the Government\u2019s response to measures recommended in Michelle Levy\u2019s 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: [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":71887,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,8282],"tags":[],"class_list":{"0":"post-71875","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-compliance-regulation","8":"category-government"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/71875","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=71875"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/71875\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/71887"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=71875"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=71875"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=71875"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}