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Second Reading Speeches

Corporations Amendment (Financial Advice Measures) Bill 2016

Previous Citations
  • Corporations Amendment (Streamlining of Future of Financial Advice) Bill 2014
Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
44

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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; provide for a general advice exemption to exempt benefits that relate to general advice from the ban on conflicted remuneration in certain circumstances; and make consequential amendments.