The Corporations Point-in-Time Service has been updated to include the Treasury Laws Amendment (Ending Grandfathered Conflicted Remuneration) Regulations 2019 (Cth) and the Treasury Laws Amendment (Financial Services Improved Consumer Protection) (Funeral Expenses Facilities) Regulations 2019 (Cth).
The purpose of the Regulations is to amend the Corporations Regulations 2001 to provide for a scheme by which conflicted remuneration in relation to financial product advice that remains payable on or after 1 January 2021 will be rebated to affected retail customers by means of payments or other monetary benefits. The Regulations also place record-keeping requirements on Australian financial services licensees who are required to rebate conflicted remuneration. The Regulations also repeal provisions that grandfather conflicted remuneration that are contained in the Corporations Regulations 2001.
The purpose of the Regulations is to implement recommendation 4.2 of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry to remove the exemption for funeral expenses policies from the definition of financial products under the Act.
These amendments have been updated in the Point-in-Time Corporations Service current to 2 December 2019. (NB: subscription required).
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