Report

Corporations Amendment (Streamlining of Future of Financial Advice) Bill 2014 [Provisions]

16 June 2014

© Commonwealth of Australia 2014
ISBN 978-1-76010-015-5

View the report as a single document - (PDF 1884KB)


View the report as separate downloadable parts:

Spacer Image
Membership of Committee (PDF 223KB)
 
Chapter 1 - Introduction (PDF 110KB)

Referral
Conduct of the inquiry
Background to the bill
Purpose of the bill
Structure of this report
Acknowledgements

 
Chapter 2 -  FOFA reforms—objectives (PDF 163KB)

Australia's financial services industry
Conclusion

 
Chapter 3 - Best interests duty (PDF 273KB)

Section 961B—provider must act in the best interests of the client
Opposition to changes to best interests obligations
Support for changes to best interests obligations
Conclusion

 
Chapter 4 - Scaled advice (PDF 278KB)

Current provisions and proposed changes
Opposition to changes to the provision of scaled advice
Support for changes to the provision of scaled advice
Conclusion

 
Chapter 5 - Modified best interests obligations (PDF 109KB)

Basic banking and general insurance
Opposition to changes to modified best interests obligations
Support for changes to modified best interests obligations
Conclusion

 
Chapter 6 - Conflicted remuneration (PDF 180KB)

Conflicted remuneration
General advice exemption
Opposition to broadening exemptions from the ban on conflicted remuneration
Support for broadening exemptions from the ban on conflicted remuneration
Conclusion

 
Chapter 7 - Opt-in requirement and fee disclosure (PDF 223KB)

Remove the opt-in requirement
Opposition to removing opt-in requirement
Support for removing opt-in requirement
Fee disclosure for new clients only
Opposition to changes to fee disclosure arrangements
Support for changes to fee disclosure arrangements
Conclusion

 
Dissenting Report by Labor Senators (PDF 166KB)

Introduction
The process
Best Interests Duty
Scaled Advice
Conflicted Remuneration
Opt-in and annual disclosure requirements
Conclusion

 
Dissenting Report by Australian Greens (PDF 84KB)
 
APPENDIX 1 - Submissions received (PDF 87KB)
 
APPENDIX 2 - Additional information received (PDF 83KB)
 
APPENDIX 3 - Public hearing and witnesses (PDF 7KB)

For further information, contact:

Senate Standing Committees on Economics
PO Box 6100
Parliament House
Canberra ACT 2600

Phone: +61 2 6277 3540
Fax: +61 2 6277 5719
Email: economics.sen@aph.gov.au

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