The Financial Sector Reform (Hayne Royal Commission Response—Better Advice) Bill 2021 establishes a single disciplinary body for financial advisers and requires that all financial advisers who provide personal financial advice to retail clients be registered. Background.

Treasury has released a policy paper seeking feedback on two matters which will be included in regulations to support the single disciplinary body namely:

• the circumstances when ASIC must convene the single disciplinary body to determine a disciplinary matter; and
• the types of administrative sanctions made against a financial adviser that must be included on the Financial Advisers’ Register.

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