Financial Sector Reform (Hayne Royal Commission Response—Better Advice) Bill 2021
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.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r6740
VOTE
Rejected on March 20, 2022
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