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ARTICLE · 12 FEBRUARY 2022

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Are you ready for the Better Advice Act, with a Financial Services and Credit Panel?

Holding Redlich
Holding Redlich
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The Act has introduced a new disciplinary system for financial advisers, including a new disciplinary panel.

AustraliaFinance and Banking
Susan Goodman
Susan Goodman
William Madani
William Madani
Thomas Rubic
Thomas Rubic
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The Financial Sector Reform (Hayne Royal Commission Response-Better Advice) Act 2021 (Cth) (Better Advice Act) came into force on 29 October 2021. It introduced a new disciplinary system for financial advisers, including a new disciplinary body, the Financial Services and Credit Panel (Panel).

In this article, we discuss significant features of the Better Advice Act, particularly as it relates to the Panel.

Who does the Better Advice Act apply to?

The Better Advice Act applies to those licensed or otherwise authorised to provide financial advice to retail clients, including their representatives (which includes their employees - see section 910A of the Corporations Act). This definition does not apply to financial service licensees and authorised representatives who are not financial advisers.

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This publication does not deal with every important topic or change in law and is not intended to be relied upon as a substitute for legal or other advice that may be relevant to the reader's specific circumstances. If you have found this publication of interest and would like to know more or wish to obtain legal advice relevant to your circumstances please contact one of the named individuals listed.

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