The Morrison government’s Better Advice Bill threaded the parliamentary needle Thursday, securing the final major reform from the Hayne royal commission and kick-starting a new era in the regulatory oversight of financial advisers.
From January 1 next year ASIC’s Financial Services and Credit Panel (FSCP) will become the single disciplinary body for advisers, and any complaints about advisers adherance to the Code of Ethics will be heard by a panel of industry members appointed by the relevant minister.
Peer review will now become the “primary channel by which misconduct is assessed and sanctioned,” the government stated.
Speaking to Professional Planner Friday morning, financial services minister Jane Hume said she was “pleased” to gain support of the crossbench and get the Bill across the line.
For advisers, Hume continued, having their conduct assessed by peers is a big step towards graduating from an industry to a profession.