Hume signals 2021 implementation of single disciplinary body
It will be the middle of next year before the Government delivers the legislation around a single disciplinary body and a compensation scheme of last resort.
The Assistant Minister for Superannuation, Financial Services and Financial Technology, Senator Jane Hume has told a Financial Services Council (FSC) online forum that the Government is looking to introduce the necessary legislation in 2021.
However, she stopped short of outlining the detail of the structure of the single disciplinary body whilst suggesting that she had taken on board considerable feedback from the financial planning industry.
Her comments come amid suggestions by the Financial Planning Association (FPA) and other organisations that the new single disciplinary body should encompass the role of the current Financial Adviser Standards and Ethics Authority (FASEA).
Hume pointed to the Government working with the Australian Securities and Investments Commission reducing the level of red tape confronting financial planners and flagged that the Government would be encouraging the greater use of technology to lower the cost of advice provision.
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