The Corporations Amendment (Streamlining of Future of Financial Advice) Bill 2014 (Cth) (now renamed as Corporations Amendment (Financial Advice Measures) Bill) has finally passed both Houses and is awaiting Royal Assent.
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.
