FSRB delayed to March 2002
The financial services industry has been given an extra six months to prepare for the Financial Services Reform Bill (FSRB), after a starting date of March 11, 2002, was reached today.
The decision to delay the FSRB a further six months on from the intended October 1, 2001, implementation date was reached at a roundtable meeting in Canberra today. Financial Services & Regulation minister Joe Hockey headed the meeting, which was attended by more than 40 representatives from key financial groups and industry associations, who make up the Implementation Consultative Committee.
“I am glad we have consensus on the start of this revolutionary Bill,” Hockey said.
“This is a major change for the financial services industry. We listened to what the industry had to say, heard their concerns and responded accordingly.”
Last week the FSRB successfully passed through the Senate, at which time the Minister recognised the industry’s concern about the Bill’s fast approaching implementation date.
“I know that many industry players have expressed concern about the time they will need to gear up for the FSR regime — to make systems changes, train staff, print documentation and so on,” he said.
“The Government is keenly aware of the need to give industry significant time to comply with the new regime.”
Hockey also noted the extra time will allow the industry to train staff, organise systems and establish compliance arrangements.
Recommended for you
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
Australian investors are more confident than their APAC peers in reaching their financial goals and are targeting annual gains of more than 10 per cent, according to Fidelity International.
Zenith Investment Partners has lost its head of portfolio solutions Steven Tang after 17 years with the firm, the latest in a series of senior exits from the research house.
