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

Bills of previous Parliaments

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.

Financial Sector Reform (Hayne Royal Commission Response No. 2) Bill 2020

Type
Government
Originating house
House of Representatives
Status
Act
Portfolio
Treasury

Summary

Amends the: Corporations Act 2001 to: require financial services providers that receive fees under an ongoing fee arrangement to: provide clients with a document each year which outlines the fees they will be charged and the services they will be entitled to in the following 12 months and which seeks annual renewal for all ongoing fee arrangements; and obtain written consent before fees under an ongoing fee arrangement can be deducted from a client’s account; require a financial services licensee or authorised representative to give a written disclosure of lack of independence where they are authorised to provide personal advice to a retail client; and make consequential amendments; and Superannuation Industry (Supervision) Act 1993 to: provide that a superannuation trustee can only charge advice fees to a member where certain conditions are satisfied; and remove a superannuation trustee’s ability to charge fees under an ongoing fee arrangement for financial product advice from MySuper products.

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 09/12/20  
Second reading moved 09/12/20  
Second reading debate 15/02/21  
Second reading agreed to 15/02/21  
Third reading agreed to 15/02/21  
     
Senate
Introduced and read a first time 15/02/21  
Second reading moved 15/02/21  
Second reading debate 25/02/21  
Second reading agreed to 25/02/21  
Committee of the Whole debate 25/02/21  
Third reading agreed to 25/02/21  
     
Finally passed both Houses 25/02/21  
Assent 02/03/21 Act no: 19 - Year: 2021
     

[Information on document types]

Text of bill

  • First reading

MS-Word PDF HTML
  • As passed by both Houses

MS-Word PDF HTML

Explanatory memoranda

  • Explanatory memorandum

MS-Word PDF HTML

Second reading speeches


Proposed amendments

Senate
  • Independent [sheet 1212]
PATRICK, Sen Rex

 MS-Word PDF HTML

Schedules of amendments

Bills Digest



Notes
  • Considered by scrutiny committee (29/01/2021): Senate Standing Committee for the Scrutiny of Bills; Scrutiny Digest 3 of 2021
  • An electronic version of this Act is available on the Federal Register of Legislation (www.legislation.gov.au)