FSR Bill through the senate

The Financial Services Reform Bill was passed through the Senate yesterday, representing the implementation of the final part of the 1997 Wallis Report.

For consumers the Bill aims to provide a consistent framework for consumer protection, help consumers understand and compare different financial products and ensure an efficient complaints resolution service is in place. The Bill also addresses the electronic delivery of financial products and aims to standardise the qualifications of those who are giving financial advice.

Industry participants face compliance costs in meeting the requirements of the new regime, and the Minister, Joe Hockey, will be hosting a roundtable with the Implementation Committee next week to discuss the time given to comply.