ob体育 has released a new legislative instrument relating to the professional standards reforms for financial advisers, as announced on 1 August 2018 (refer: 18-225MR).
The instrument makes changes to the reporting dates for a number of disclosure obligations in the transition to the new financial adviser professional standards reforms.
It also makes minor technical amendments to address unintended consequences to ensure that the new education and training standards apply in a consistent way to individuals at the intended time.
- Download the and the explanatory statement
The reporting changes will simplify licensees鈥� notification obligations and enable ob体育 to implement the required systems changes more effectively.
These changes do not affect advisers鈥� and licensees鈥� substantive obligations under the professional standards reforms. Advisers and licensees must still comply with the new substantive professionalism and education requirements and licensees must keep appropriate records for compliance purposes.
Further information about the changes to notification dates can be found on ob体育鈥檚 Professional standards for financial advisers 鈥� reforms website.
Background
The 聽commenced on 15 March 2017. It introduces a number of new requirements for advisers who provide personal advice to retail clients on more complex financial products.
For further information, please visit ob体育鈥檚 website: Professional standards for financial advisers 鈥� reforms. ob体育 will update content on this website from time to time to provide further information about the reforms.