Corporations Amendment (Streamlining of Future of Financial Advice) Bill 2014

Type
Government
Portfolio
Treasury 
Originating house
House of Representatives 
Status
Before Reps 
Parliament no
44
Summary
Amends the
Corporations Act 2001
  to: remove the seventh step (the “catch all”) from the steps an advice provider may take in order to satisfy best interest obligations; enable clients and providers to agree on the scope of advice to be provided; remove the renewal notice obligations for fee recipients; remove the requirement to provide yearly fee disclosure statements to certain clients; extend the time period within which fee disclosure statements must be provided to a client; provide for a general advice exemption to exempt benefits that relate to general advice from the ban on conflicted remuneration in certain circumstances; provide additional disclosure and information in the statement of advice in relation to existing rights of the client and obligation of the advice provider; ensure that any instructions for further or varied advice from clients are documented in writing, signed by the client, and acknowledged by the providing entity; require the statement of advice to be signed by both the advice provider and the client; and make consequential amendments. 

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Progress

House of Representatives
19 Mar 2014Introduced and read a first time
19 Mar 2014Second reading moved
27 Aug 2014Second reading debate
28 Aug 2014Second reading debate
28 Aug 2014Second reading agreed to
28 Aug 2014Consideration in detail debate

Amendment details: 7 Government agreed to
28 Aug 2014Third reading agreed to

Documents and transcripts

Text of bill

Word Format PDF Format
Word Format PDF Format

Explanatory memoranda

Word Format PDF Format
Word Format PDF Format

Transcript of speeches

Proposed amendments

House of Representatives
Word Format PDF Format

Schedules of amendments

No documents at present

Committee Information

No documents at present

Bills Digest PDF Format

Notes

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Helpful information

Text of bill

  • First reading: Text of the bill as introduced into the Parliament
  • Third reading: Prepared if the bill is amended by the house in which it was introduced. This version of the bill is then considered by the second house.
  • As passed by both houses: Final text of bill agreed to by both the House of Representatives and the Senate which is presented to the Governor-General for assent.

Explanatory memoranda

  • Explanatory memorandum: Accompanies and provides an explanation of the content of the introduced version (first reading) of the bill.
  • Supplementary explanatory memorandum: Accompanies and explains amendments proposed by the government to the bill.
  • Revised explanatory memorandum: Accompanies and explains the amended version (third reading) of the bill. It supersedes the explanatory memorandum.

Proposed amendments

Circulated by members and senators when they propose to make changed to the bill. For details about the outcome of proposed amendments please refer to either theĀ Votes and Proceedings (House of Representatives) or the Journals (Senate).

Schedules of amendments

Schedules of amendments list amendments agreed to by the second house are communicated to the first house for consideration. Subsequent action by either house may also be included in a schedule.

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