AFA News 22 April 2021. On Monday 19 April 2021, the Government released an exposure draft for the establishment of the Single Disciplinary Body and the winding up of FASEA.  The key elements of this are as follows:

• The new regime is proposed to start from 1 January 2022, subject to passing by the Parliament.
• There will be a range of new penalties for financial advisers who breach their obligations.
• A Financial Services and Credit Panel (FSCP), that considers a matter will comprise one ASIC employee (chair) and 2 industry representatives, who must be appointed to the panel by the Minister.
• Financial advisers need to register with ASIC between 1 Jan 2022 and 1 Jan 2023. This will be done by licensees and there will be a registration fee.
• If you have a carry over TPB registration that extends beyond 1 Jan 2022, then this will automatically carry over to the ASIC registration.
• Tax (financial) advisers will no longer need to be registered with the TPB.
• FASEA will be wound up on 1 January 2022. The Minister will be responsible for standards beyond that point.
• The exam and educations standards stay and there is no change to the deadlines.

Please click here for a copy of the Exposure draft.  Please click here for a copy of the explanatory statement. Please click here for a copy of the ready reckoner.  Please click here for the questions and answers pack.  Please click here for a copy of the disciplinary flowchart.

The exposure draft is open for consultation until 14 May 2021, and members are encouraged to either make a submission or to provide feedback to the AFA at policy@afa.asn.au

Issued 22.04.2021. AFA Policy & Education Update