Exposure Draft - FOFA Regulations on Grandfathering
The Corporations Amendment (Further Future of Financial Advice Measures) Act 2012 (the Act) amends the Corporations Act 2001 to introduce a ban on conflicted remuneration for financial services licensees and their representatives. The new section 1528 in the Corporations Act 2001 and the Corporations Amendment Regulation 2012 (No. 8) 'grandfathers' certain benefits from the application of the ban on conflicted remuneration.
The draft Regulation amends the current arrangements to grandfather certain benefits that relate to the investments of existing clients prior to 1 July 2014. The ban on conflicted remuneration will apply to all new clients after this date.
A draft Regulation and a draft Explanatory Statement are provided below for comment.
|Corporations Amendment Regulation 2013 (No. )||338KB||1.8MB|
Submissions for this consultation closed on 18 March 2013.
Ten submissions have been received in response to this consultation. One of these submissions was confidential. The public submissions are listed below.
|Abacus Australian Mutuals||55KB|
|AIA Australia Limited||673KB|
|AMP Financial Services||110KB|
|Association of Financial Advisers||161KB|
|Australian Bankers' Association||446KB|
|Australian Financial Markets Association||636KB|
|Financial Services Council||1.2MB|
|IG Markets Limited||973KB|
|Industry Super Network and Australian Institute of Superannuation Trustees||485KB|
The opinions expressed in the submissions are those of the authors and do not necessarily reflect the views of the Government or The Treasury.