Government Introduces Royal Commission Recommendation Legislation

AFA News 18 November 2020. On Thursday 12 November 2020, the Government tabled a large pack of legislation in the House of Representatives to implement a broad package of Royal Commission recommendations (Financial Sector Reform (Hayne Royal Commission Response) Bill 2020).  Key amongst the reforms in this Bill, that are relevant to financial advisers include:

  • Mandatory Reference Checking
  • Revised Breach Reporting Requirements
  • Remediation Obligations.

Please click here to access this legislation. Please, however, note that this is a large piece of legislation. The AFA will provide more information to members after we have the chance to fully assess the implications of these measures.

The most critical Royal Commission Recommendation that we have been awaiting, is the legislation on the Annual Renewal requirement. This was not part of this package, however, the Government’s plan suggested that it would be introduced before the end of 2020.  We will be watching carefully and will keep members informed.

Issued 18.11.2020. AFA News