In the second half of 2010, Treasury has focused on targeted consultations with stakeholders on the implementation details of the reforms, with particular emphasis on the advisor charging rules and statutory fiduciary duty. Treasury will continue consultations to help with structuring the reforms and drafting legislation.
Targeted consultation on whether to extend the ban on commissions to risk insurance will commence shortly. For information on how this consultation will work, please see our Frequently Asked Questions page.
Treasury's focus is now shifting towards drafting the legislation that will give effect to the reforms. Treasury anticipates there will be a public exposure of draft legislation and/or regulation in mid-2011, with further consultation on that draft legislation and/or regulation once it is public.