The Government's Future of Financial Advice legislation passed through Senate today, including an amendment moving the official hard compliance start date back from 1 July 2012 to 1 July 2013.
The Australian Securities and Investments Commission's extended powers and anti-avoidance provisions will, however, still come into force from 1 July 2012.
According to a statement from Minister for Financial Services and Superannuation Bill Shorten the Government is "consulting on whether the term financial planner or adviser should be defined in the Corporations Act".
"In light of the passage of FOFA, I am seriously considering accelerating the timetable for the resolution of this matter. I will have more to say about this matter shortly," Shorten said.
The statement also said the reforms introduced "a new duty for financial planners and advisers to put their customers interests first, ban the payment of sales commissions and make it easier for a wider range of advice to be provided to consumers".
