The Corporations Point-in-Time Service has been updated to include the Treasury Laws Amendment (Ending Grandfathered Conflicted Remuneration) Act 2019 (Cth) (Act 87 of 2019).
The Act implements the Government’s response to Recommendation 2.4 of the Final Report of the Royal Commission. The Royal Commission recommended that the grandfathering arrangements for conflicted remuneration in relation to financial advice provided to retail clients should be removed as soon as is reasonably practicable.
The Act removes these grandfathering arrangements for conflicted remuneration and other banned remuneration from 1 January 2021. The Act also enables the regulations to provide for a scheme under which amounts that would otherwise have been paid as conflicted remuneration are rebated to affected customers.
These amendments have been updated in the Point-in-Time Corporations Service current to 31 October 2019. (NB: subscription required).
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