Financial Services Royal Commission recommends single disciplinary body for financial advisers
Key Documents
Recommendation 2.10 of the Financial Services Royal Commission Final Report recommended the establishment of a single disciplinary body for financial advisers and the requirement that all financial advisers who provide personal financial advice to retail clients be registered.
The Financial Sector Reform (Hayne Royal Commission Response—Better Advice) Bill 2021 delivers this Recommendation and was introduced into Parliament on 24 June 2021.
The Government has released a policy paper seeking feedback on two matters which will be included in regulations to support the single disciplinary body. That is:
- the circumstances when ASIC must convene the single disciplinary body to determine a disciplinary matter; and
- the types of administrative sanctions made against a financial adviser that must be included on the Financial Advisers’ Register.
Interested parties are invited to comment on the proposals by 20 August 2021. Stakeholder feedback will inform the development of exposure draft Regulations which will be released later this year for public consultation.
It is intended that Regulations will come into force on 1 January 2022, subject to passage of the Bill.
Responding
You can submit responses to this consultation up until 20 August 2021. Interested parties are invited to comment on this consultation.
While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.
All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.
Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.
View our submission guidelines for further information.
How To Respond
SDBconsultation@treasury.gov.au
Post
Address written submissions to:
Advice Unit
Retirement, Advice and Investment Division
Treasury
Langton Cres
Parkes ACT 2600
Enquiries
Email: SDBconsultation@treasury.gov.au
Phone: Anna Schneider Rumble +61 2 6263 3852