The Financial Sector Reform (Hayne Royal Commission Response—Better Advice) Act 2021 has been passed by Parliament and will commence on 1 January 2022. Background.
From 1 January 2022, the role of the Financial Services and Credit Panel (FSCP) will be expanded and the Financial Adviser Standards and Ethics Authority (FASEA) will be wound up.
The FSCP will manage a single registration and disciplinary system for financial advisers.
The administration of the financial adviser exam will be transferred to ASIC.
The Act requires that all financial advisers who provide personal advice to retail clients about relevant financial products be registered by 1 January 2023.
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Author: David Jacobson
Principal, Bright Corporate Law
About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.