Overhaul of Financial Advice
Welcome to the website for the Future of Financial Advice reforms, announced by the former Minister for Financial Services, Superannuation and Corporate Law, the Hon Chris Bowen MP. The new Minister for Financial Services and Superannuation, the Hon Bill Shorten MP is responsible for implementing the reforms set out in the announcement.
These important reforms will improve the trust and confidence of Australian retail investors in the financial planning sector. They are designed to tackle conflicts of interest that have threatened the quality of financial advice that has been provided to Australian investors.
The reforms are also the Government's response to the Parliamentary Joint Committee on Corporations and Financial Services' Inquiry into financial products and services in Australia.
The reforms will be voluntary from 1 July 2012 and will become mandatory from 1 July 2013. This gives industry time to adapt whilst minimising transition costs.
The Government welcomes the significant efforts of industry, including the Financial Services Council and the Financial Planning Association to remove commissions and improve professional standards. These reforms clearly support their efforts.