Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 09 DECEMBER 2015

New laws target financial adviser competency

Corrs Chambers Westgarth
Corrs Chambers Westgarth
Contributor
Corrs Chambers Westgarth

Corrs Chambers Westgarth

Corrs Chambers Westgarth is Australia’s leading independent law firm. We provide exceptional legal...

View firm profile
Explore more from Corrs Chambers Westgarth

A new independent standards body for financial advisers will develop education standards and code of ethics requirements.

AustraliaFinance and Banking
Michael Chaaya
Michael Chaaya
Author LinkedIn connections

Minimum education standards, a professional training year, a mandatory exam and continuing professional development requirements will be developed by a new independent standards body for financial advisers under draft legislation released for consultation by the Federal Government. Existing financial advisers will be required to transition to the new standards, with both new and existing financial advisers being required to abide by a professional code of ethics and be listed on an ASIC professional register.

Under the laws, the new standard setting body will begin operations on 1 July 2016 and will develop new education and training requirements for a 1 July 2017 commencement. The code of ethics requirements will apply to all financial advisers from 1 July 2019.

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

Australia's Enhanced Substantial Holding Disclosure And Beneficial Ownership Disclosure Regime Comes Into Effect From 4 December

Australian financial markets face a fundamental shift in disclosure requirements from December 2026, as new rules expand substantial holding obligations beyond traditional voting interests to capture derivative positions and economic exposure. Market participants must now navigate complex calculations involving physically settleable derivatives, cash-settled instruments, and offsetting short positions—with no grandfathering for existing holdings.
AustraliaFinance and Banking
K&L Gates
K&L Gates
Article

New Payment Models Face A Broader Licensing Regime

Australia's payment services landscape is undergoing a fundamental regulatory transformation with the introduction of new legislation that shifts focus from specific technologies to the functions and activities performed by payment service providers. The Treasury Laws Amendment Bill 2026 will replace the existing non-cash payment facility framework with a comprehensive licensing regime that distinguishes between payment products and payment services, potentially capturing previously unregulated payment
AustraliaFinance and Banking
McCabes
McCabes
Article

Australia's Updated Financial Innovation Strategy

The Australian Government has unveiled its Financial Innovation Strategy, introducing a new Financial Innovation Committee and overhauling the Enhanced Regulatory Sandbox framework to better support emerging businesses testing innovative financial products. The strategy encompasses reforms across consumer data rights, digital assets, tokenised infrastructure, and regulatory frameworks designed to position Australia as a leader in financial innovation.
AustraliaFinance and Banking
K&L Gates
K&L Gates
Article

Australia’s Privacy Act Reforms: Fundamental Changes Proposed In New Exposure Draft

Australia's Privacy Act reform has reached a critical milestone with the release of exposure draft legislation proposing fundamental changes to how organisations handle personal information. The reforms introduce a new 'fair and reasonable' test for data collection and use, a right of erasure for large digital platforms, strengthened consent standards, a statutory controller/processor framework, restrictions on trading personal data, and enhanced data breach obligations. These changes come at a time when em
AustraliaPrivacy
Corrs Chambers Westgarth
Corrs Chambers Westgarth
Article

Transparency In Automated Decision-Making: What The OAIC Guidance Means For Your Business

Australia's privacy regulator has issued final guidance on new transparency obligations for automated decision-making systems. From December 2026, organisations using computer programs—including AI, algorithms, and everyday software—to make or inform significant decisions about individuals must disclose these practices in their privacy policies. The guidance reveals a broader compliance burden than many expect, particularly for businesses using automated tools across recruitment, pricing, credit
AustraliaPrivacy
Corrs Chambers Westgarth
Corrs Chambers Westgarth
Article

Cross-border software payments and royalties: implications of final taxation ruling and practical compliance guideline Read More

The Australian Taxation Office has issued its final ruling on cross-border software payments, dramatically expanding what constitutes a royalty subject to withholding tax. With retroactive application to July 2021 and a broad interpretation of copyright law, multinational companies face significant compliance risks and potential exposure across software distribution, cloud services, and digital intermediation arrangements.
AustraliaTax
Corrs Chambers Westgarth
Corrs Chambers Westgarth
Article

EPBC Act Reforms: Consultation On Proposed Regulations To Support Final Tranche Of Reforms

Australia's Department of Climate Change, Energy, the Environment and Water has released consultation papers outlining the regulatory framework for the final phase of environmental protection reforms under the EPBC Act. With submissions closing on 13 October 2026 and implementation scheduled for 1 December 2026, these reforms will fundamentally reshape how projects are assessed and approved, introducing streamlined pathways...
AustraliaEnvironment
Corrs Chambers Westgarth
Corrs Chambers Westgarth
Article

APRA and ASIC's coordinated approach to frontier AI: implications for financial services entities Read More

APRA and ASIC have issued coordinated guidance on frontier AI risks, requiring financial services boards to demonstrate direct oversight of AI governance, cyber resilience and third-party dependencies. The regulators' expectations build on existing prudential standards and directors' duties, with enforcement signals indicating that proportionate action must be taken before incidents occur.
AustraliaStrategy
Corrs Chambers Westgarth
Corrs Chambers Westgarth
Article

Five Decisions That Will Define Australia’s AI Future

Prime Minister Albanese's speech on 15 July 2026 marked a decisive shift in Australia's approach to artificial intelligence, from voluntary guidance to mandatory national regulation. The announcement establishes Australian Standards for AI, copyright licensing requirements, a national planning framework for data centres, energy obligations, and workplace protections—all underpinned by the concept of sovereign AI.
AustraliaMedia, Telecoms, IT, Entertainment
Corrs Chambers Westgarth
Corrs Chambers Westgarth