Corporations Point-in-Time Service Updates

The Corporations Service has been updated to include the Treasury Laws Amendment (Delivering Better Financial Outcomes) Regulations 2024 (Cth).

Treasury Laws Amendment (Delivering Better Financial Outcomes) Regulations 2024

The purpose of the Regulations is to support increased access to affordable and quality financial advice by making amendments consequential to the commencement of Schedule 1 to the Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Act 2024 (Cth) (the Amending Act).

The Regulations:

• support written information or documentation requirements for the purposes of section 99FA of the Superannuation Industry (Supervision) Act 1993 (Cth) to continue to be met electronically;
• remove requirements related to Fee Disclosure Statements, update record keeping obligations for new consent requirements and remove or update references to civil penalties which are removed or updated by the Amending Act;
• align requirements for Financial Services Guides and Website Disclosure Information and make other consequential amendments;
• streamline relevant regulations of the Corporations Regulations 2001 for conflicted remuneration in line with the changes made by the Amending Act; and
• ensure the informed consent requirements apply for benefits given in relation to a general insurance product where personal advice is provided.

These amendments have been updated in the Point-in-Time Corporations Service current to 16 September 2024. (NB: subscription required).

If you are not already a subscriber to this or other Point-in-Time Services then please contact us to find out more or to take a free trial.