Govt calls for submissions
21 Dec 2017
Parliament has called for public submissions on the Financial Services Legislation Amendment Bill. This legislation replaces the Financial Advisers Act 2008.
The Bill is the result of 2 years of consultation and will lead to the repeal of the current advisers legislation. Financial Advisers, including insurance brokers as registered financial advisers (RFAs) will be subject to this new legislation.
IBANZ will be submitting on the Bill, submissions close on Friday 23 February 2018.
Members are encouraged to provide their comments to IBANZ to be included in our submission on behalf of the industry.
This Bill will have significant impact on the regulatory regime for insurance brokers. The associated Code of Conduct will set competence requirements for brokers.
On going compliance in the new regime is going to be significant so IBANZ is keen to ensure the issues are properly debated with the government.
Contact Gary Young at IBANZ with your comments on this legislation.