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Second Reading Speeches

Financial Sector Reform (Hayne Royal Commission Response No. 2) Bill 2020

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
46

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Summary

Amends the:

Corporations Act 2001
to: require financial services providers that receive fees under an ongoing fee arrangement to: provide clients with a document each year which outlines the fees they will be charged and the services they will be entitled to in the following 12 months and which seeks annual renewal for all ongoing fee arrangements; and obtain written consent before fees under an ongoing fee arrangement can be deducted from a client’s account; require a financial services licensee or authorised representative to give a written disclosure of lack of independence where they are authorised to provide personal advice to a retail client; and make consequential amendments; and
Superannuation Industry (Supervision) Act 1993
to: provide that a superannuation trustee can only charge advice fees to a member where certain conditions are satisfied; and remove a superannuation trustee’s ability to charge fees under an ongoing fee arrangement for financial product advice from MySuper products.

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