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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.

Financial Sector Reform (Hayne Royal Commission Response—Better Advice) Bill 2021


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

Summary

Amends the: Australian Securities and Investments Commission Act 2001, Corporations Act 2001 and three other Acts to: expand the role of the Financial Services and Credit Panel to operate as a single disciplinary body for financial advisers; create new penalties and sanctions for financial advisers who have breached their obligations under the Corporations Act 2001; introduce a two-stage registration process for financial advisers; transfer functions from the Financial Adviser Standards and Ethics Authority to the minister and to the Australian Securities and Investments Commission; and introduce a single registration and disciplinary system for financial advisers who provide tax (financial) advice services; and Corporations Act 2001 to make amendments contingent on the commencement of the Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020.

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 24/06/21  
Second reading moved 24/06/21  
Second reading debate 04/08/21  
Second reading agreed to 04/08/21  
Third reading agreed to 04/08/21  
     
Senate
Introduced and read a first time 04/08/21  
Second reading moved 04/08/21  
     

Text of bill

  • First reading

MS-Word PDF HTML

Explanatory memoranda

  • Explanatory memorandum

MS-Word PDF HTML

Second reading speeches


Proposed amendments

No proposed amendments have been circulated.

Schedules of amendments

Bills Digest



Notes