Date posted: 17/09/2020

Financial advice in focus: Banking Royal Commission and other regulatory issues

Stay up to date with broader developments and advocacy activities impacting members who practice in financial advice in Australia. For regulatory reform developments and FASEA updates see our separate dedicated pages.

Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry

CA ANZ is participating with Treasury in consultation on draft legislation and regulations to implement the Government response to the Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. We are advocating for a more practical approach with less red-tape and will resume these activities after the six month delay announced when COVID-19 hit.

Read the Banking Royal Commission submission

Banking Royal Commission Final Report Summary

Major reforms highlighted in culture, governance and remuneration structures in Australian Banking, Superannuation and Financial Services Industry.

Read media release

ASIC funding levies

ASIC's industry funding estimates have recently been released and are causing widespread member concern. Together with other accounting associations we are requesting a review of the funding model as a whole, as the current model is seeing increasing industry costs allocated over a decreasing number of advisers. We require a future model that takes into account the fact that six entities are taking up significant ASIC resources, yet all advice representatives are contributing equally towards the levy. A fairer model is sought, especially for our members who operate under a limited AFSL.

Read submission on ASIC's industry funding model for 2019-20

Proposed update to APES 230 Financial Planning Service

Updates to APES 230 have been drafted to reflect Royal Commission and FASEA developments and are on temporary hold due to COVID-19. Banning all commissions is one of the biggest areas of contention, as is extending this standard to all CPP holders, even if unlicensed.

APES 230 Financial Planning ServicesRead our APES 230 submision

Contact us

Members are invited to provide feedback on professionalising the financial advice industry and improving consumer outcomes.

Contact the Financial Advice team