Text of bill | Explanatory memoranda | Second reading speeches | Proposed amendments | Schedules of amendments | Bills Digest

Bills of the current Parliament

Although every effort is made to ensure the accuracy of bills homepages, the authoritative sources for verifying the progress of bills are the House of Representatives Votes and Proceedings and the Journals of the Senate.

Corporations Amendment (Streamlining of Future of Financial Advice) Bill 2014


Type
Government
Originating house
House of Representatives
Status
Before Senate
Portfolio
Treasury

Summary

Amends the Corporations Act 2001 to: remove the seventh step (the “catch all”) from the steps an advice provider may take in order to satisfy best interest obligations; enable clients and providers to agree on the scope of advice to be provided; remove the renewal notice obligations for fee recipients; remove the requirement to provide yearly fee disclosure statements to certain clients; extend the time period within which fee disclosure statements must be provided to a client; provide for a general advice exemption to exempt benefits that relate to general advice from the ban on conflicted remuneration in certain circumstances; provide additional disclosure and information in the statement of advice in relation to existing rights of the client and obligation of the advice provider; ensure that any instructions for further or varied advice from clients are documented in writing, signed by the client, and acknowledged by the providing entity; require the statement of advice to be signed by both the advice provider and the client; and make consequential amendments.

Progress of bill

For committee reference information, please see the Notes section at the end of this page.

House of Representatives
Introduced and read a first time 19/03/14  
Second reading moved 19/03/14  
Second reading debate 27/08/14  
Second reading debate 28/08/14  
Second reading agreed to 28/08/14  
Consideration in detail debate 28/08/14 Amendment details: 7 Government agreed to
Third reading agreed to 28/08/14  
     
Senate
Introduced and read a first time 01/09/14  
Second reading moved 01/09/14  
     

Text of bill

  • First reading

MS-Word PDF HTML
  • Third reading

MS-Word PDF HTML

Explanatory memoranda

  • Explanatory memorandum

MS-Word PDF HTML
  • Supplementary explanatory memorandum

MS-Word PDF HTML
  • Revised explanatory memorandum

MS-Word PDF HTML

Second reading speeches


Proposed amendments

House of Representatives
  • Government [sheet ZA349]

MS-Word PDF HTML
Senate
  • Independent [sheet 7569]
MADIGAN, Sen John
XENOPHON, Sen Nick

MS-Word PDF HTML

Schedules of amendments

Bills Digest



Notes
  • Referred to Committee (20/03/2014): Senate Economics Legislation Committee; Committee report (16/06/2014)
  • Referred to Committee (04/09/2014): Senate Economics Legislation Committee; Committee report (22/09/2014)
  • Access information for House of Representatives and Senate committees