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
Financial Services Minister, Stephen Jones, has assured the cost and time to enter the financial advice profession will soon be halved, as shadow treasurer Angus Taylor pledges to reach 30,000 advisers.
The positive results of the latest financial adviser exam have helped the advice profession reach 15,600 yet again, according to Wealth Data analysis.
Financial advice firms have told Adviser Ratings they are planning to increase their compliance spend by almost a third, including on enhancements to their cyber security which ASIC has identified as an enforcement priority.
The digital advice platform is officially launching into the financial advice sector, offering up its services to practices as a means of engaging with the next generation of clients.
