Government puts hard word on industry for FSRA

The Federal Government has issued a reminder there are only three months before the new Financial Services Reform regime takes effect and is urging practitioners to apply for their licences promptly.

The Parliamentary Secretary to the Treasurer, Ross Cameron says that the passage of the Financial Services Reform Amendment Bill on the last day of Parliament serves as a reminder to participants in the industry, and adds the Government is continuing to stress there won’t be an extension to the March 11, 2004 deadline.

“With the passage of the FSR Amendment Bill, the Government has ensured that all impediments to transition have been removed,” he says.

Cameron says that the amendments contained in the legislation provide certainty for the industry and will ensure a smooth transition.

However he warns that while the transition is progressing well, with over 3,000 applications having been dealt with, the industry needs to maintain its efforts in moving to the new regime.

“As previously stated, theAustralian Securities and Investments Commission(ASIC) has stressed there is no guarantee that applications lodged after December 10, 2003 will be processed by the end of the transition period,” Cameron says.

He says it is therefore imperative that all intending licensees lodge applications with ASIC as soon as possible and by no later than Wednesday.