Govt close to delivering professional standards legislation
The Federal Government is close to delivering the legislation around adviser education and professional standards.
The Assistant Treasurer, Kelly O'Dwyer has pointed to the fact that the legislation is nearing completion, at the same time as confirming the Parliament's passage of legislative amendments to the Future of Financial Advice legislation.
She said development of the education and professional standards legislation was now in its final stages.
The minister's comments suggest that the legislation will be brought to the Parliament around the time of the Budget session in May.
Recommended for you
Advisers at DOD Bookkeeping, which received an $11 million penalty last week, received as much as 40 per cent of their remuneration via a bonus when clients purchased a property via a SMSF, according to court documents.
Private wealth manager Escala Partners has launched an end-to-end investment platform to strengthen its alternatives capability as clients seek sophisticated vehicles.
Perpetual Wealth Management has hired two advisers from Ord Minnett as part of five hires, just weeks after the rival firm announced it had picked up six from Perpetual Private.
ASIC has cancelled the AFSL of a Perth financial services firm following payments to its clients by the Compensation Scheme of Last Resort after a failed managed investment scheme.
