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ARTICLE · 23 MAY 2013

As 1 July approaches, the FOFA amendments continue

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Proposed amendments to the Corporations Act will restrict the expressions "financial planner" and "financial adviser".

AustraliaFinance and Banking
Michael Chaaya
Michael Chaaya
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NEED TO KNOW

  1. Proposed amendments to the Corporations Act to restrict the use of the expressions "financial planner" and "financial adviser".
  2. Draft regulations extend the scope of the existing stockbroking-related exemptions on the payment of brokerage fees.
  3. A new regulation clarifies FOFA's application to the Australian jurisdiction.

RESTRICTION ON THE USE OF THE TERMS "FINANCIAL PLANNER" AND "FINANCIAL ADVISER"

On 15 May 2013, the Parliamentary Joint Committee on Corporations and Financial Services (PJC) recommended that the Corporations Amendment (Simple Corporate Bonds and Other Measures) Bill 2013 (Bill) be passed. The Bill amends the Corporations Act to create an offence for a person to use the expressions "financial planner" and "financial adviser" unless that person holds an Australian financial services license (AFSL) that allows them to provide personal advice in relation to financial products.

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