Future of Financial Advice

Exposure Draft - Exempt intra-fund advice from the adviser charging regime

The Corporations Amendment (Future of Financial Advice) Act 2012 (the Act) amends the Corporations Act 2001 to introduce an adviser charging regime which requires financial advisers to request their clients opt-in, or renew, their ongoing fee agreements every two years (unless bound by an ASIC approved code of conduct for this purpose).  In addition, an annual statement outlining the fees charged and services provided in the previous 12 months must be provided to clients paying ongoing fees.

Minister for Financial Services and Superannuation, the Hon Bill Shorten has previously announced that intra-fund advice will be exempt from the adviser charging regime.

These arrangements will be implemented through amendments to the Corporations Regulations 2001 made by the Corporations Amendment Regulation 2013 (No. ).

Consultation Documents

  PDF RTF
Corporations Amendment Regulation 2013 (No. ) 48KB 6.8MB
Explanatory Statement 31KB 83KB

Submissions

Submissions to this consultation closed on 6 May 2013.

Two submissions were received in response to this consultation. The public submissions are listed below.

  PDF RTF
Association of Financial Advisers 150KB N/A
Financial Services Council 1.0MB N/A

The opinions expressed in the submissions are those of the authors and do not necessarily reflect the views of the Government or The Treasury.