No surprises from CLERP 6: KPMG
The financial planning industry is ready for today's release of CLERP 6, according to KPMG’s Peter Hutley.
The financial planning industry is ready for today's release of CLERP 6, according to KPMG’s Peter Hutley.
Speaking at yesterday's launch of KPMG’s web site www.clerp6.com, Hutley said it was unlikely there would be any nasty surprises for financial advisers.
“The financial advisory industry is aware of CLERP 6 and is looking forward to it. I wouldn’t see any problems in implementing it,” he said.
KPMG, he said, were expecting the legislation “to look like what’s mapped out” in the Government’s previous discussion papers, with new disclosure requirements bringing “consistency and transparency” across the entire financial services indus-try.
“It’s really no different to the ‘know your client’ rules in the securities industry,” Hutley said.
The Federal Minister for Financial Services Joe Hockey will unveil the CLERP6 draft legislation around lunch time today. Provided the legislation faces no obsta-cles in Parliament, it is expected to come into effect in January 2001.
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Samantha Walker
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