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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.

Progress

House of Representatives
Introduced and read a first time 09 Dec 2020
Second reading moved 09 Dec 2020
Second reading debate 15 Feb 2021
Second reading agreed to 15 Feb 2021
Third reading agreed to 15 Feb 2021
Senate
Introduced and read a first time 15 Feb 2021
Second reading moved 15 Feb 2021
Second reading debate 25 Feb 2021
Second reading agreed to 25 Feb 2021
Committee of the Whole debate 25 Feb 2021
Third reading agreed to 25 Feb 2021
Finally passed both Houses 25 Feb 2021
Assent
  • Act no: 19
  • Year: 2021
02 Mar 2021

Documents and transcripts

Text of bill

Explanatory memoranda

Proposed amendments

Senate

Schedules of amendments

No documents at present

Bills digest

Notes

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 changes to the bill. For details about the outcome of proposed amendments please refer to either the 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.