Court holds up CLERP6
The Financial Service Reform Bill (CLERP6) is uncertain to make its January 1 2001 debut, following a delay in parliamentary proceedings until later this year
The Financial Service Reform Bill (CLERP6) is uncertain to make its January 1 2001 debut, following a delay in parliamentary proceedings until later this year.
In a statement released by the minister for Financial Services and Regulation, Joe Hockey, CLERP6 has missed its entry into the winter sitting in parliament and now must waiting a extra few months to be presented in the spring sitting, putting a question mark over its final release date.
The Financial Planning Association’s (FPA) manager of public policy, Con Hris-todoulidis says the delay also casts doubt over the impact it will have with adviser ABNs, which were set to be eliminated by CLERP6’s introduction.
“The high court decision has thrown a spanner in the works. This is obviously quite a revolutionary bill and any delay will clash with the GST and ABN issues with financial planners,” he says.
“We are confident that it will be released on January 1 next year, but at this stage our concern is in regards to any changes made to the bill that may push back the commencement date further.”
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