The Senate has passed the Corporations Amendment (Streamlining of Future of Financial Advice) Bill 2014 (Cth) with bipartisan support. The Bill was originally introduced in 2014. A much reduced version with the final FOFA changes will receive Assent once the House of Representatives agrees to the Senate changes. Background

The Bill extends the time for advisers to send renewal opt-in notices and fee disclosure statements to retail clients from 30 to 60 days.

The Bill also extends basic banking product exemptions in respect of conflicted remuneration and financial adviser duties to unrelated non-cash payment products, general insurance and consumer credit insurance.

Other proposed changes have not been proceeded with.

More financial services changes

Legislation to establish a new framework for the professional, ethical and education standards of financial advisers will be introduced before July 2016.

Also, as part of the Financial System Inquiry response the Government will be consulting on the introduction of a product design and distribution obligation and a new product intervention power for ASIC.