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Better Advice Bill Summary

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The Financial Sector Reform (Hayne Royal Commission Response-Better Advice) Bill 2021 (Better Advice Bill), will come into effect from 1 January 2022, another major outcome from the Hayne Royal Commission.

Below is a summary of the changes that the Bill will bring to effect:

  • The Financial Services and Credit Panel, currently sitting within ASIC will become the single disciplinary body for the industry.

  • The Panel will oversee complaints about financial advisers in the industry and the Code of Ethics.

  • This in turn, will render FASEA redundant and see it dismantled.

  • It will also mean that advisers are no longer required to be licensed by the Tax Practitioners Board.

  • ASIC will chair the Panel, however it will be comprised of industry professionals.

  • ASIC will also take responsibility for administration of the financial adviser exam.

  • ASIC will grant an extension until 30 September 2022 for advisers to sit the exam. This will apply to those advisers who have attempted the exam twice prior to 1 January 2022.