Regulation Impact Statement Updates
Official website for publishing regulatory impact analysis information for regulatory decisions announced by the Australian Government, COAG and COAG Councils.
Reforms to raise the professional standard of financial advisers
Independent reviews – The Treasury
On 23 November 2016, the then Treasurer introduced the Corporations Amendment (Professional Standards of Financial Advisers) Bill 2016.
The Bill amends the Corporations Act 2001 to raise the education, training and ethical standards of financial advisers by requiring relevant providers of personal advice to retail clients to hold minimum professional qualifications, and comply with a code of ethics.
The Parliamentary Joint Committee on Corporations and Financial Services, Inquiry into proposals to lift the professional, ethical and education standards in the financial services industry and the Financial System Inquiry Final Report were certified by the Treasury as meeting the standards of an Australian Government Regulation Impact Statement. The Office of Best Practice Regulation (OBPR) does not assess the quality of independent reviews.
The independent review estimates that the Bill will have an average annual regulatory cost of $165.1 million for businesses and individuals. The OBPR agreed to this estimate.
The Parliamentary Joint Committee on Corporations and Financial Services, Inquiry into proposals to lift the professional, ethical and education standards in the financial services industry report is available on the Parliament of Australia website
The Financial System Inquiry Final Report is available on the FSI website