Future of Financial Advice regulations finally made
As the government’s final EOFY gift, the Corporations Amendment (Streamlining Future of Financial Advice) Regulation 2014 was made on 26 June and registered on 30 June. The amendments commence on 1 July 2014. A copy of the regulation and explanatory statement is available online.
Key elements of the regulation are as follows: important conflicted remuneration exemptions, including when passing on exempt remuneration, for general advice and low-value performance bonuses; extending the employee exemption by one year to 1 July 2015 (or 18 months after the nominal expiry date of the enterprise agreement); removing impediments to adviser movement; changes to the best-interests duty; and exemptions from opt-in notices and fee disclosure statements for existing clients.
Details of the main changes are set out below…
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Following the Wein Review, the new Franchising Code of Conduct has been released and, assuming it is enacted, will take effect on 1 January 2015.
In November 2013, ASIC announced a review of its regulatory guide and class order for employee incentive schemes in the form of ASIC consultation paper CP 218.