Footnotes

Chapter 1 - Introduction

[1]        Selection of Bills Committee, Report No. 3 of 2014, 20 March 2014.

[2]        Journals of the Senate, 20 March 2014, p. 685.

[3]        Appendix 2, Selection of Bills Committee, Report No. 3 of 2014, 20 March 2014.

[4]        See Replacement Explanatory Memorandum, Corporations Amendment (Further Future of Financial Advice Measures) Bill 2011, General Outline, p. 3.

[5]        See Replacement Explanatory Memorandum, Corporations Amendment (Further Future of Financial Advice Measures) Bill 2011, General Outline, p. 3.

[6]        See Replacement Explanatory Memorandum, Corporations Amendment (Further Future of Financial Advice Measures) Bill 2011, General Outline, p. 3.

[7]        Parliamentary Joint Committee on Corporations and Financial Services, Corporations Amendment (Future of Financial Advice) Bill 2011 and Corporations Amendment (Further Future of Financial Advice Measures) Bill 2011,  February 2012, p. 152.

[8]        Explanatory Memorandum, Outline, p. 3.

[9]        Parliamentary Joint Committee on Corporations and Financial Services, Corporations Amendment (Future of Financial Advice) Bill 2011 and Corporations Amendment (Further Future of Financial Advice Measures) Bill 2011,  February 2012, pp 152–153.

[10]      Explanatory Memorandum, Outline, p. 3.

[11]      Explanatory Memorandum, Outline, p. 3.

[12]      The Coalition's Policy to Boost Productivity and Reduce Regulation, p. 26.

[13]      Senator the Hon Arthur Sinodinos AO, Assistant Treasurer, Delivering affordable and accessible financial advice' http://axs.ministers.treasury.gov.au/media-release/011-2013/ (accessed 24 April 2014).

[14]      Senator the Hon Arthur Sinodinos AO, Assistant Treasurer, Delivering affordable and accessible financial advice' http://axs.ministers.treasury.gov.au/media-release/011-2013/ (accessed 24 April 2014).

[15]      Explanatory Memorandum, Outline, p. 5.

[16]      Senator the Hon Arthur Sinodinos AO, Assistant Treasurer, 'Future of financial advice (FOFA) amendments released for public consultation', 29 January 2014, http://axs.ministers.treasury.gov.au/media-release/002-2014/ (accessed 24 April 2014).

[17]      Senator the Hon Arthur Sinodinos AO, Assistant Treasurer, 'Future of financial advice (FOFA) amendments released for public consultation, 29 January 2014, http://axs.ministers.treasury.gov.au/media-release/002-2014/ (accessed 24 April 2014).

[18]      The Hon Steven Ciobo MP, Parliamentary Secretary to the Treasurer, House of Representatives Hansard, 19 March 2014, p. 2371.

[19]      Explanatory Memorandum, p. 4.

Chapter 2 -  FOFA reforms—objectives

[1]        Submission 14, covering letter.

[2]        Governance Institute of Australia, Submission 11, p. 2.

[3]        Regulation Impact Statement, p. 45.

[4]        See for example, Mr Fox, AFA, Proof Committee Hansard, 22 May 2014, p. 3 and Mr Kirkland, CHOICE, Proof Committee Hansard, 22 May 2014, p. 11.

[5]        ASIC, Report 224, Access to financial advice in Australia, December 2010, Executive Summary, paragraph 1.

[6]        Submission 27, p. 5.

[7]        ASIC, Report 224, Access to financial advice in Australia, December 2010, p. 4.
ASIC cited recent survey results which suggested that 20% to 40% of the Australian adult population use or have used a financial adviser. This means that 60% to 80% of adult Australians have never used a financial adviser.

[8]        ASIC, Report 224, Access to financial advice in Australia, December 2010, p. 8.

[9]        ASIC, Report 224, Access to financial advice in Australia, December 2010, p. 25.

[10]      Regulation Impact Statement, p. 52.

[11]      ASIC, Report 224, Access to financial advice in Australia, December 2010, p. 26.

[12]      Submission 27, p. 9.

[13]      ASIC, Report 224, Access to financial advice in Australia, December 2010, p. 11.

[14]      Explanatory Memorandum, Outline, p. 4 and Meghan Quinn, Treasury, Proof Committee Hansard, 22 May 2014, p. 94.

[15]      Explanatory Memorandum, paragraph 5.60.

[16]      Proof Committee Hansard, 22 May 2014, pp 1 and 3.

[17]      Proof Committee Hansard, 22 May 2014, p. 29.

[18]      Proof Committee Hansard, 22 May 2014, p. 36.

[19]      Submission 11, p. 2.

[20]      Proof Committee Hansard, 22 May 2014, p. 67.

[21]      Proof Committee Hansard, 22 May 2014, p. 55.

[22]      Proof Committee Hansard, 22 May 2014, p. 66.

[23]      Submission 10, p. 5.

[24]      Submission 7, p. 5.

[25]      Proof Committee Hansard, 22 May 2014, p. 11.

[26]      Submission 8, p. 5.

[27]      Submission 18, p. 1.

[28]      Submission 27, p. 21.

[29]      Submission 26, p. 1.

[30]      Submission 25, p. 1.

[31]      See in particular, Submissions 8 and 11.

Chapter 3 - Best interests duty

[1]        ASIC, Regulatory Guide 175, Licensing: Financial product advisers—Conduct and disclosure, October 2013, p. 57.

[2]        Submission 14, p. 3.

[3]        Proof Committee Hansard, 22 May 2014, p. 29.

[4]        Replacement Explanatory Memorandum, Corporations Amendment (Further Future of Financial Advice Measures) Bill 2011, paragraph 1.21.

[5]        Replacement Explanatory Memorandum, Corporations Amendment (Further Future of Financial Advice Measures) Bill 2011, paragraph 1.21.

[6]        Replacement Explanatory Memorandum, Corporations Amendment (Further Future of Financial Advice Measures) Bill 2011, paragraph 1.21.

[7]        Replacement Explanatory Memorandum, Corporations Amendment (Further Future of Financial Advice Measures) Bill 2011, paragraph 1.23.

[8]        ASIC, Regulatory Guide 175, Licensing: Financial product advisers—Conduct and disclosure, October 2013, p. 65.

[9]        Replacement Explanatory Memorandum, Corporations Amendment (Further Future of Financial Advice Measures) Bill 2011, paragraph 1.25.

[10]      Replacement Explanatory Memorandum, Corporations Amendment (Further Future of Financial Advice Measures) Bill 2011, paragraph 1.25.

[11]      Replacement Explanatory Memorandum, Corporations Amendment (Further Future of Financial Advice Measures) Bill 2011, paragraph 1.25.

[12]      Item 10 repeals paragraph 961B(2)(g).

[13]      Proof Committee Hansard, 22 May 2014, p. 68.

[14]      Submission 24, p. 7.

[15]      Submission 8, p. 4.

[16]      Submission 8, p. 4.

[17]      Submission 2, p. 13.

[18]      Submission 2, p. 13.

[19]      Submission 5, p. 3.

[20]      Submission 5, p. 4.

[21]      Submission 7, p. 7.

[22]      Proof Committee Hansard, 22 May 2014, p. 13.

[23]      Submission 10, p. 4.

[24]      Submission 11, p. 3.

[25]      Submission 22, p. 6.

[26]      Submission 22, p. 6.

[27]      Submission 22, p. 7.

[28]      Proof Committee Hansard, 22 May 2014, p. 55.

[29]      Proof Committee Hansard, 22 May 2014, p. 55.

[30]      Submission 14, p. 3.

[31]      Submission 14, p. 3.

[32]      Submission 14, p. 3.

[33]      See for example, Mr Brad Fox, Proof Committee Hansard, 22 May 2014, p. 3.

[34]      Submission 21, p. 6.

[35]      Mr Richard Batten, Proof Committee Hansard, 22 May 2014, p. 39.

[36]      Submission 9, p. 2.

[37]      Submission 26, p. 4. Menico Tuck Parrish Financial Services also supported the removal of this catch-all provision.

[38]      Submission 15, p. 4.

[39]      Submission 15, p. 4.

[40]      Proof Committee Hansard, 22 May 2014, p. 37.

[41]      Proof Committee Hansard, 22 May 2014, p. 36.

[42]      Proof Committee Hansard, 22 May 2014, p. 37.

[43]      Proof Committee Hansard, 22 May 2014, p. 42.

[44]      Submission 4, p. 2.

[45]      Submission 4, p. 2.

[46]      Proof Committee Hansard, 22 May 2014, p. 1.

[47]      Submission 21, p. 6.

[48]      Submission 21, p. 6.

[49]      Submission 21, p. 1.

[50]      Submission 21, p. 6.

[51]      Submission 27, p. 23.

[52]      Submission 27, p. 23.

[53]      Submission 27, p. 24.

[54]      Submission 27, p. 25.

[55]      Submission 27, p. 26.

[56]      Proof Committee Hansard, 22 May 2014, p. 96.

[57]      ASIC, Regulatory Guide 175, Licensing: Financial product advisers—Conduct and disclosure, October 2013, paragraph RG 175.214.

[58]      While this requirement to give appropriate advice remains unamended, the second part of this section is amended which is discussed later in the report.

[59]      Section 961J lists all the other parties which in addition to those given above include
an associate of a financial services licensee of whom the provider is a representative; or
an authorised representative who has authorised the provider, under subsection 916B(3),
to provide a specified financial service or financial services on behalf of a financial services licensee; or an associate of an authorised representative  who has authorised the provider,
under subsection 916B(3), to provide a specified financial service or financial services on behalf of a financial services licensee.

[60]      Submission 15, p. 4.

[61]      Submission 15, p. 4.

[62]      Proof Committee Hansard, 22 May 2014, p. 2.

[63]      Proof Committee Hansard, 22 May 2014, p. 3.

[64]      Mr Michael Nowak, Proof Committee Hansard, 22 May 2014, p. 3.

[65]      Proof Committee Hansard, 22 May 2014, p. 14.

[66]      Submission 18, p. 2.

[67]      Proof Committee Hansard, 22 May 2014, pp. 37–38.

[68]      Submission 18, p. 2.

[69]      Submission 18, p. 2.

[70]      Submission 18, p. 2.

[71]      Replacement Explanatory Memorandum, Corporations Amendment (Further Future of Financial Advice Measures) Bill 2011, paragraph 1.22.

[72]      Submission 18, p. 3.

[73]      Proof Committee Hansard, 22 May 2014, p. 39.

[74]      Proof Committee Hansard, 22 May 2014, p. 37.

[75]      Submission 27, p. 24.

[76]      Submission 27, p. 26.

[77]      Submission 27, p. 17.

[78]      Regulatory Guide 175: Licensing: Financial product advisers—Conduct and disclosure, Australian Securities and Investments Commission October 2013, p. 8.

[79]      Submission 27, p. 24.

[80]      Submission 27, p. 24.

[81]      Regulatory Guide 175: Licensing: Financial product advisers—Conduct and disclosure, Australian Securities and Investments Commission October 2013, p. 13.

[82]      Future of Financial Advice, Information Pack, 28 April 2011, p. 12, http://ministers.treasury.gov.au/Ministers/brs/Content/pressreleases/2011/attachments/064/064.pdf (accessed 24 April 2014).

[83]      Submission 27, p. 5.

[84]      Submission 27, p. 25.

[85]      Submission 27, p. 25 and Future of Financial Advice, Information Pack, 28 April 2011, p. 12, http://ministers.treasury.gov.au/Ministers/brs/Content/pressreleases/2011/attachments/064/064.pdf (accessed 24 April 2014).

[86]      Submission 27, p. 25.

[87]      Regulatory Guide 175: Licensing: Financial product advisers—Conduct and disclosure, Australian Securities and Investments Commission, October 2013, p. 13.

Chapter 4 - Scaled advice

[1]        ASIC, Consultation Paper 18, Giving information, general advice and scaled advice,
August 2012, p. 7.

[2]        ASIC, Consultation Paper 18, Giving information, general advice and scaled advice,
August 2012, p. 7.

[3]        Future of Financial advice, Information Pack 28 April 2011, p. 13, http://ministers.treasury.gov.au/Ministers/brs/Content/pressreleases/2011/attachments/064/064.pdf

[4]        Replacement Explanatory Memorandum, paragraphs 1.33–1.34.

[5]        Explanatory Memorandum, paragraph 1.20–1.21.

[6]        Submission 16, p. 4.

[7]        Submission 16, p. 4.

[8]        ASIC, ASIC, Regulatory Guide, 244, Giving information, general advice and scaled advice, December 2012, paragraph RG244.58 http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/rg-244-published-13-December-2012.pdf/$file/rg-244-published-13-December-2012.pdf (accessed 23 April 2014).

[9]        ASIC, ASIC, Regulatory Guide, 244, Giving information, general advice and scaled advice, December 2012, http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/rg-244-published-13-December-2012.pdf/$file/rg-244-published-13-December-2012.pdf (accessed 23 April 2014).

[10]      ASIC, ASIC, Regulatory Guide, 244, Giving information, general advice and scaled advice, December 2012, p. 7,  http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/rg-244-published-13-December-2012.pdf/$file/rg-244-published-13-December-2012.pdf (accessed 23 April 2014).

[11]      ASIC, Regulatory Guide, 244, Giving information, general advice and scaled advice, December 2012, pp 9 and 19.

[12]      Explanatory Memorandum, p. 9.

[13]      Explanatory Memorandum, paragraph 1.5.

[14]      Item 13.

[15]      Item 13.

[16]      Mr Kevin Tee, Proof Committee Hansard, 22 May 2014, p. 89.

[17]      Submission 3, p. 5.

[18]      Proof Committee Hansard, 22 May 2014, p. 89.

[19]      Proof Committee Hansard, 22 May 2014, p. 89.

[20]      Explanatory Memorandum, paragraph 1.38.

[21]      Replacement Explanatory Memorandum, paragraph 1.22.

[22]      Item 11.

[23]      Item 11.

[24]      Item 15.

[25]      Explanatory Memorandum paragraph 1.42.

[26]      Submission 7, p. 8.

[27]      Submission 7, p. 8.

[28]      Items 7 and 8 which repeal paragraph 961B(2)(a).

[29]      Submission 7, p. 8.

[30]      Submission 7, p. 8.

[31]      Proof Committee Hansard, 22 May 2014, p. 13.

[32]      Submission 7, p. 8.

[33]      Submission 22, p. 7.

[34]      Submission 22, p. 7.

[35]      Submission 22, p. 8.

[36]      Submission 22, p. 7.

[37]      Proof Committee Hansard, 22 May 2014, p. 53.

[38]      Submission 22, p. 8.

[39]      Submission 11, p. 3.

[40]      Submission 24, p. 8.

[41]      Submission 24, p. 7.

[42]      Submission 24, p. 7.

[43]      Submission 24, p. 7.

[44]      Submission 24, p. 8.

[45]      Submission 10, p. 4.

[46]      Proof Committee Hansard, 22 May 2014, p. 70.

[47]      Submission 10, p. 4.

[48]      Submission 10, p. 4.

[49]      Proof Committee Hansard, 22 May 2014, p. 71.

[50]      Proof Committee Hansard, 22 May 2014, p. 55.

[51]      Proof Committee Hansard, 22 May 2014, p. 55.

[52]      ASIC, Consultation Paper 183, Giving information, general advice and scaled advice, August 2012, paragraph 10, p. 9.

[53]      ASIC, Consultation Paper 183, Giving information, general advice and scaled advice, August 2012, paragraph 10.

[54]      See for example, Submission 21, p. 7.

[55]      Submission 19, p. [2].

[56]      Submission 4, p. 3.

[57]      Submission 4, p. 3.

[58]      Submission 14, p. 3.

[59]      Submission 14, p. 3.

[60]      Submission 21, p. 7.

[61]      Proof Committee Hansard, 22 May 2014, p. 35.

[62]      Submission 18, p. 3.

[63]      Proof Committee Hansard, 22 May 2014, p. 44.

[64]      Proof Committee Hansard, 22 May 2014, p. 41.

[65]      Proof Committee Hansard, 22 May 2014, p. 45.

[66]      Proof Committee Hansard, 22 May 2014, p. 37

[67]      Submission 11, p. 4.

[68]      Submission 11, p. 4.

[69]      Submission 16, p. 3.

[70]      Submission 16, p. 4.

[71]      Submission 16, p. 4.

[72]      Submission 16, p. 4.

[73]      Submission 27, p. 26.

[74]      Submission 27, p. 26.

[75]      Submission 27, p. 26.

[76]      Submission 27, p. 27.

[77]      Submission 27, p. 27.

[78]      Submission 15, p. 5.

[79]      Submission 15, p. 5.

[80]      Submission 15, p. 5.

[81]      Proof Committee Hansard, 22 May 2014, p. 23.

[82]      Proof Committee Hansard, 22 May 2014, p. 23.

[83]      Submission 15, p. 5.

[84]      Submission 18, p. 3.

[85]      Submission 18, p. 3.

[86]      Proof Committee Hansard, 22 May 2014, p. 90.

[87]      Proof Committee Hansard, 22 May 2014, p. 92.

[88]      Proof Committee Hansard, 22 May 2014, p. 89.

[89]      Proof Committee Hansard, 22 May 2014, p. 89.

[90]      Proof Committee Hansard, 22 May 2014, p. 92.

Chapter 5 - Modified best interests obligations

[1]        Explanatory Memorandum, Corporations Amendment (Further Future of Financial Advice Measures) Bill 2011, paragraph 1.53.

[2]        Explanatory Memorandum paragraph 3.40.

[3]        Explanatory Memorandum, Corporations Amendment (Further Future of Financial Advice Measures) Bill 2011, paragraph 1.53.

[4]        Explanatory Memorandum, Corporations Amendment (Further Future of Financial Advice Measures) Bill 2011, paragraph 1.50.

[5]        ASIC, Regulation Impact Statement, Future of Financial Advice: Best interests duty and related obligations, December 2012, p. 7.

[6]        Explanatory Memorandum, paragraph 1.49.

[7]        Explanatory Memorandum, Corporations Amendment (Further Future of Financial Advice Measures) Bill 2011, paragraph 1.52.

[8]        Regulation Impact Statement, p. 87.

[9]        Explanatory Memorandum, paragraph 1.54.

[10]      Explanatory Memorandum, Corporations Amendment (Further Future of Financial Advice Measures) Bill 2011, paragraph 1.63 and Explanatory Memorandum, paragraph 1.58.

[11]      Submission 7, p. 9.

[12]      Explanatory Memorandum, paragraph 1.56.

[13]      Explanatory Memorandum, paragraph 1.60.

[14]      Submission 7, p. 9.

[15]      Proof Committee Hansard, 22 May 2014, p. 18.

[16]      Submission 22, p. 8.

[17]      Submission 22, p. 9.

[18]      Submission 22, p. 9.

[19]      Submission 12, p. 2.

[20]      Submission 12, p. 2.

[21]      Submission 12, p. 2.

[22]      Proof Committee Hansard, 22 May 2014, p. 75.

[23]      Proof Committee Hansard, 22 May 2014, p. 75.

[24]      Proof Committee Hansard, 22 May 2014, pp. 75–76.

[25]      Proof Committee Hansard, 22 May 2014, p. 76.

Chapter 6 - Conflicted remuneration

[1]        Submission 1, p. [3].

[2]        Explanatory Memorandum, Corporations Amendment (Further Future of Financial Advice) Bill 2011, paragraph 2.12.

[3]        Explanatory Memorandum, Corporations Amendment (Further Future of Financial Advice) Bill 2011, paragraph 2.14.

[4]        Explanatory Memorandum, Corporations Amendment (Further Future of Financial Advice) Bill 2011, paragraph 2.8 and Explanatory Memorandum paragraph 3.6.

[5]        Explanatory Memorandum, Corporations Amendment (Further Future of Financial Advice) Bill 2011, paragraph 2.7.

[6]        Explanatory Memorandum, paragraph 3.16.

[7]        Explanatory Memorandum, paragraph 3.20.

[8]        Explanatory Memorandum, paragraph 5.137.

[9]        Explanatory Memorandum, paragraph 5.147.

[10]      Explanatory Memorandum, paragraph 3.4–3.5.

[11]      Explanatory Memorandum, paragraph 5.135.

[12]      Explanatory Memorandum, paragraph 5.149.

[13]      ASIC, Regulatory Guide 244, Giving information, general advice and scaled advice, December 2012, paragraph RG 244.43.

[14]      ASIC, Regulatory Guide 244, Giving information, general advice and scaled advice, December 2012, paragraph RG 244.35

[15]      ASIC, Regulatory Guide 244, Giving information, general advice and scaled advice, December 2012, paragraph RG 244.43.

[16]      See Ms Campo, Proof Committee Hansard, 22 May 2014, p. 57 and Ms Storniolo, Proof Committee Hansard, 22 May 2014, p. 87.

[17]      Replacement Explanatory Memorandum, Corporations Amendment (Further of Financial Advice Measures) Bill 2011, paragraph 3.24.

[18]      Replacement Explanatory Memorandum, Corporations Amendment (Further of Financial Advice Measures) Bill 2011, paragraphs 2.3 and 3.27.

[19]      Submission 14, p. 6.

[20]      Submission 14, p. 6.

[21]      Proof Committee Hansard, 22 May 2014, pp 29 and 31.

[22]      Proof Committee Hansard, 22 May 2014, p. 32.

[23]      Submission 24, p. 3.

[24]      Submission 24, p. 8.

[25]      Submission 24, p. 8.

[26]      Submission 24, p. 8.

[27]      Submission 24, p. 8.

[28]      Submission 15, p. 7.

[29]      Submission 15, p. 6.

[30]      Proof Committee Hansard, 22 May 2014, p. 21.

[31]      Proof Committee Hansard, 22 May 2014, p. 22.

[32]      Mr Mark Rantall, Proof Committee Hansard, 22 May 2014, p. 22.

[33]      Proof Committee Hansard, 22 May 2014, p. 21.

[34]      Proof Committee Hansard, 22 May 2014, p. 23.

[35]      Proof Committee Hansard, 22 May 2014, p. 23.

[36]      Proof Committee Hansard, 22 May 2014, p. 20.

[37]      Proof Committee Hansard, 22 May 2014, p. 22.

[38]      Proof Committee Hansard, 22 May 2014, p. 23.

[39]      Submission 15, p. 7.

[40]      Submission 15, p. 7.

[41]      Submission 15, p. 7.

[42]      Proof Committee Hansard, 22 May 2014, p. 53.

[43]      Proof Committee Hansard, 22 May 2014, p. 52.

[44]      Proof Committee Hansard, 22 May 2014, p. 53.

[45]      Proof Committee Hansard, 22 May 2014, p. 4.

[46]      Proof Committee Hansard, 22 May 2014, p. 4.

[47]      Proof Committee Hansard, 22 May 2014, pp 4–5.

[48]      Proof Committee Hansard, 22 May 2014, p. 5.

[49]      Submission 7, p. 9.

[50]      Submission 7, p. 10.

[51]      Submission 7, p. 10.

[52]      Proof Committee Hansard, 22 May 2014, p. 17.

[53]      Proof Committee Hansard, 22 May 2014, p. 17.

[54]      Submission 10, p. 5.

[55]      Submission 10, p. 5.

[56]      Submission 10, p. 5.

[57]      Proof Committee Hansard, 22 May 2014, pp 55–56.

[58]      Proof Committee Hansard, 22 May 2014, p. 56.

[59]      Submission 22, p. 12.

[60]      Submission 21, p. 3.

[61]      Submission 21, p. 3.

[62]      Submission 21, p. 4.

[63]      Submission 21, p. 3.

[64]      Submission 21, p. 4.

[65]      Submission 21, p. 4.

[66]      Submission 21, p. 5.

[67]      Submission 21, p. 6.

[68]      Submission 16, p. 4.

[69]      Submission 16, p. 4.

[70]      Submission 18, p. 3.

[71]      Proof Committee Hansard, 22 May 2014, p. 43.

[72]      Proof Committee Hansard, 22 May 2014, p. 36.

[73]      Submission 18, p. 3.

[74]      Submission 18, p. 4.

[75]      Submission 18, p. 4.

[76]      Item 29.

[77]      Submission 18, p. 4.

[78]      Submission 18, p. 4.

[79]      Item 29.

[80]      Submission 27, p. 28.

[81]      Submission 27, p. 28.

[82]      Submission 27, p. 28.

[83]      Proof Committee Hansard, 22 May 2014, p. 86.

[84]      Proof Committee Hansard, 22 May 2014, p. 87.

[85]      Submission 27, p. 28.

[86]      Submission 27, p. 28.

[87]      Submission 4, p. 2 (emphasis in original).

[88]      Proof Committee Hansard, 22 May 2014, p. 75.

[89]      Proof Committee Hansard, 22 May 2014, p. 75.

[90]      Australian Bankers' Association, Supplementary Submission, p. 2.

[91]      Australian Bankers' Association, Supplementary Submission, p. 2.

[92]      Proof Committee Hansard, 22 May 2014, p. 93.

[93]      Proof Committee Hansard, 22 May 2014, p. 94.

[94]      Proof Committee Hansard, 22 May 2014, p. 93.

Chapter 7 - Opt-in requirement and fee disclosure

[1]        Submission 11, p. 4.

[2]        Replacement explanatory memorandum, Corporations Amendment (Future of Financial Advice) Bill 2011, paragraph 1.9.

[3]        Replacement explanatory memorandum, Corporations Amendment (Future of Financial Advice) Bill 2011, paragraph 1.9.

[4]        Explanatory Memorandum 2.20.

[5]        Items 21 and 22.

[6]        Submission 5, p. 5.

[7]        Submission 5, p. 5.

[8]        Submission 5, p. 5.

[9]        Submission 10, p. 4.

[10]      Submission 10, p. 4.

[11]      Submission 10, p. 5.

[12]      Submission 11, p. 4.

[13]      Submission 11, p. 4.

[14]      Submission 11, p. 4.

[15]      Submission 11, p. 4.

[16]      Submission 11, p. 4.

[17]      Submission 14, p. 4.

[18]      Proof Committee Hansard, 22 May 2014, pp 29 and 31.

[19]      Submission 14, p. 4.

[20]      Submission 14, p. 4.

[21]      Submission 16, p. 3.

[22]      Submission 16, p. 3.

[23]      Submission 22, p. 9.

[24]      Submission 22, p. 9.

[25]      Submission 22, p. 9.

[26]      Submission 22, p. 10.

[27]      Submission 24, p. 5.

[28]      Submission 24, p. 5.

[29]      Submission 24, p. 5.

[30]      Submission 24, p. 5.

[31]      Submission 24, p. 5.

[32]      Proof Committee Hansard, 22 May 2014, p. 55.

[33]      Submission 8, p. 2.

[34]      Explanatory Memorandum, paragraph 5.97.

[35]      Explanatory Memorandum, paragraph 5.98.

[36]      Submission 13, p. [1].

[37]      Submission 13, p. [1].

[38]      Submission 13, p. [1].

[39]      Submission 15, p. 8.

[40]      Submission 15, p. 8.

[41]      Submission 15, p. 8.

[42]      Submission 18, p. 2.

[43]      Proof Committee Hansard, 22 May 2014, p. 37.

[44]      Submission 21, p. [1].

[45]      Submission 19, p. [1].

[46]      Explanatory Memorandum, paragraph 5.90.

[47]      Proof Committee Hansard, 22 May 2014, p. 10.

[48]      Submission 29, p. 3.

[49]      Submission 29, p. 3.

[50]      Submission 29, p. 3.

[51]      Explanatory Memorandum, paragraph, 2.5.

[52]      Explanatory Memorandum paragraph 5.101.

[53]      Explanatory Memorandum, paragraph 2.6.

[54]      Submission 5, p. 6.

[55]      Submission 5, p. 6.

[56]      Submission 5, p. 6.

[57]      Submission 8, p. 3.

[58]      Submission 8, p. 3.

[59]      Submission 8, p. 3.

[60]      Submission 14, p. 4.

[61]      Submission 14, p. 5.

[62]      Submission 7, p. 12.

[63]      Submission 7, p. 12.

[64]      Submission 7, p. 12.

[65]      Submission 22, p. 10.

[66]      Submission 22, p. 10.

[67]      Submission 22, p. 10.

[68]      Submission 24, p. 3.

[69]      Submission 24, p. 6.

[70]      Submission 24, p. 6.

[71]      Submission 24, p. 6.

[72]      Submission 24, p. 6.

[73]      Submission 15, p. 8.

[74]      Submission 15, p. 8.

[75]      Submission 15, p. 8.

[76]      Submission 21, p. 7.

[77]      Submission 13, p. [1].

[78]      Submission 26, p. 4.

[79]      Submission 19, p. [1].

[80]      Submission 19, p. [1].

[81]      Submission 19, p. [2].

[82]      Submission 19, p. [2].

[83]      Submission 16, p. 3.

[84]      Submission 15, pp 8–9.

[85]      Submission 15, p. 9.

[86]      Submission 15, p. 9.

[87]      Submission 15, p. 9.

[88]      Submission 18, p. 6.

[89]      Submission 18, p. 6.

[90]      Submission 27, p. 32.

Dissenting Report by Labor Senators

[1]        Committee Hansard, 22 May 2014, p. 19.

[2]        Committee Hansard, 22 May 2014, p. 11.

[3]        Committee Hansard, 22 May 2014, p. 47.

[4]        Committee Hansard, 22 May 2014, p. 55.

[5]        Committee Hansard, 22 May 2014, p. 66.

[6]        www.businessspectator.com.au/article/2014/3/26/politics/dont-tweak-minister-rethink

[7]        www.businessspectator.com.au/article/2014/3/26/politics/dont-tweak-minister-rethink

[8]        Parliamentary Joint Committee on Corporations and Financial Services, Corporations Amendment (Future of Financial Advice) Bill 2011 and Corporations Amendment (Further Future of Financial Advice Measures) Bill 2011, February 2012, p. 4.

[9]        Parliamentary Joint Committee on Corporations and Financial Services, Corporations Amendment (Future of Financial Advice) Bill 2011 and Corporations Amendment (Further Future of Financial Advice Measures) Bill 2011, February 2012, p. 4.

[10]      Committee Hansard, 22 May 2014, p. 29.

[11]      Submission 2, p. 13.

[12]      Submission 10, p. 4.

[13]      ASIC, Consultation Paper 183, Giving information, general advice and scaled advice,
August 2012, p. 7.

[14]      ASIC, Consultation Paper 183, Giving information, general advice and scaled advice,
August 2012, p. 8.

[15]      Committee Hansard, 22 May 2014, p. 55.

[16]      Committee Hansard, 22 May 2014, p. 56.

[17]      Committee Hansard, 22 May 2014, p. 55.

[18]      Submission 24, p. 5.

[19]      Submission 24, p. 5.

[20]      Submission 24, p. 5.

[21]      Submission 24, p. 5.

[22]      Submission 5, p. 6.

[23]      Explanatory Memorandum, Corporations Amendment (Streamlining of Future of Financial Advice) Bill 2014, p. 21.

Dissenting Report by Australian Greens

[1]        See Replacement Explanatory Memorandum, Corporations Amendment (Further Future of Financial Advice Measures) Bill 2011, General Outline, p. 3.

[2]        Committee Hansard, 22 May 2014, p. 80.

[3]        Mr Rantall, Chief Executive Officer, Financial Planning Association of Australia, Committee Hansard, 22 May 2014, p. 19.