FSRB to be introduced by April
The Minister for Financial Reform Joe Hockey has confirmed the Financial Services Reform Bill (FSRB) will be introduced into Parliament by the end of next month.
The Minister made the announcement as part of a speech given to the recent Committee for the Economic Development of Australia (CEDA) conference, confirming a report in Money Management earlier this month.
Hockey also referred to the slated changes in the Corporations Law which have been stalled but says that the NSW and Victorian Governments had consented to the changes.
As a result, Hockey says the Federal Government is still pushing for a July 1 start for the new Corporations Law and will proceed ahead even with the support of only a few states.
Hockey also hit out at the remaining states for not backing the process stating that it was restricting growth and forcing the costs of business up for consumers and industry.
"I am concerned that it has been extremely difficult for the State Attorneys to understand that there is a real cost to business associated with uncertainty in the Corporations Law," Hockey says.
A spokesperson from Hockey's office says he planned to introduce the Bill in the opening session of Parliament earlier this month but will now aim for the next sitting due to start on February 26.
AUTHOR
Jason Spits
Recommended for you
Next year will see AMP roll out an end-to-end solution for its North platform, marking a shift in the firm’s position within the advice technology sector and building on adviser feedback.
My Dealer Services is predicting strong growth in self-licensing next year, citing recent ASIC action against Interprac and the desire for independence as key drivers of the self-licensing trend.
ASIC has handed down a six-month AFSL suspension to MW Planning after the firm failed to replace its banned responsible manager.
Despite the year almost at an end, advisers have been considerably active in licensee switching this week while the profession has reported a slight uptick in numbers.
