Exposure Draft - Legislative amendments relating to the use of the expressions 'financial planner' and 'financial adviser'

This consultation process has now been completed. Submissions available
Date
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Consultation Type
Exposure Draft

Key Documents

The Hon Bill Shorten MP has released an exposure draft of legislative amendments to restrict the use of the terms 'financial adviser' and 'financial planner'.

In March 2012, during parliamentary debate on the Future of Financial Advice (FOFA) reforms, the Hon Bill Shorten MP, announced that the Government would introduce legislation into parliament by 1 July 2013 to define the terms 'financial planner' and 'financial adviser' in law.

A number of terms are defined and restricted in the Corporations Act. For example, use of the terms 'independent', 'impartial' and 'unbiased' is restricted, as is use of terminology such as 'stockbroker', 'futures broker' and 'insurance broker'. Restricting terms in this way is intended to signal to consumers certain information about the person using them – for example, that the person does not accept commissions or is authorised to act as a stockbroker. The addition of 'financial adviser' and 'financial planner' to these terms is intended to improve outcomes for consumers of financial advice services, by empowering consumers of financial services to identify genuine providers of financial product advice.

An exposure draft of legislation to define these terms and a draft explanatory memorandum are provided below for comment.

Submissions

19 submissions were received for this consultation.

Conomos, Arthur - pdf 18.58 KB
Conomos, Arthur - rtf 32.65 KB
Deloitte - pdf 65.7 KB
Harris, Bruce - pdf 13.46 KB
Harris, Bruce - rtf 31.58 KB
Hickman, David - pdf 37.22 KB
Hickman, David - rtf 31.25 KB
Industry Super Network - pdf 276.17 KB
Parkin, Greg - pdf 18.69 KB
Parkin, Greg - rtf 41.8 KB
Ridd, Ian - pdf 66.51 KB
Ridd, Ian - rtf 36.51 KB
Suncorp - pdf 71.95 KB