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ARTICLE · 05 APRIL 2017

Amendments to AFSL holder requirements under the Corporations Act

Colin Biggers & Paisley
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Amendments to the AFSL professional standards will affect AFSL holders who provide personal advice to retail clients.

AustraliaFinance and Banking
Melanie Williamson
Melanie Williamson

IN BRIEF - CREATING UNIFORM PROFESSIONAL STANDARDS WILL BOOST RETAIL CLIENTS' CONFIDENCE

Amendments to the educational, training and ethical standards for holders of Australian Financial Services Licences (AFSL) under the Corporations Act 2001 (Cth) (the Act) will commence on 1 January 2019 and will affect AFSL holders who provide personal advice to retail clients.

GOVERNMENT AIMS TO RAISE FINANCIAL ADVISERS' PROFESSIONAL STANDARDS

On 9 February 2017, the Senate passed the Corporations Amendment (Professional Standards of Financial Advisers) Bill 2016. These amendments are a substantial change from the current regulatory environment for AFSL holders in response to serious concerns regarding the professional standards of financial advisers.

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