Recommendation 2.6 – Review of each remaining exemption from the ban on conflicted remuneration. This review will occur as part of the review of measures to improve the quality of financial advice (recommendation 2.3)
Tag: measure
Recommendation 2.3
Recommendation 2.3 – Review of measures to improve the quality of financial advice – Consistent with the Royal Commission recommendations, the review will examine all exemptions from the ban on conflicted remuneration, including for general insurance, consumer credit insurance, timeshare Read More …
Measures to strengthen financial regulators – Executive Accountability regime
Recommendation 3.9 – Extending the Banking Executive Accountability Regime (BEAR) to RSE licensees Recommendation 4.12 – Extending the BEAR to APRA‑regulated insurers Recommendation 6.6 – Joint administration of the BEAR Recommendation 6.7 – Statutory amendments to facilitate co‑regulation Recommendation 6.8 Read More …
Measures to strengthen financial regulators
Additional Commitment – ASIC’s search warrants powers (ASIC Enforcement Review) Additional Commitment – ASIC’s telecommunications interceptions powers (ASIC Enforcement Review) Additional Commitment – ASIC’s licensing powers (ASIC Enforcement Review) Additional Commitment – ASIC’s power to ban people in the financial Read More …
Measures to improve consumer protections
Recommendation 1.2 – Mortgage broker best interests duty Recommendation 1.3 – Mortgage broker remuneration (consistent with the Government’s response) Recommendation 2.4 – Ending grandfathered commissions for financial advisers (legislation introduced on 1 August 2019) Recommendation 4.2 – Removing the exemptions Read More …
Additional Government Actions
Additional measure – Federal Court jurisdiction in relation to criminal corporate crime Additional measure – Funding for financial counselling Additional measure – Extension of legislation for PIP/DDO Additional measure – Superannuation binding death benefit nominations for indigenous people Additional measure Read More …
2.3 — Review of measures to improve the quality of advice
In three years’ time, there should be a review by Government in consultation with ASIC of the effectiveness of measures that have been implemented by the Government, regulators and financial services entities to improve the quality of financial advice. The Read More …
1.11 — Farm debt mediation
A national scheme of farm debt mediation should be enacted. Government Response The Government agrees to establish a national farm debt mediation scheme. A national scheme would assist lenders and borrowers to agree on practical measures that may lead to Read More …
Quality of advice
Recommendation 2.3 – Review of measures to improve the quality of advice In three years’ time, there should be a review by Government in consultation with ASIC of the effectiveness of measures that have been implemented by the Government, regulators Read More …