Treasury is consulting on the draft Treasury Laws Amendment (Delivering Better Financial Outcomes) Regulations 2024 as part of the first tranche of the government’s response to the Quality of Advice Review. Background.

The draft regulations:

• Support written information or documentation requirements for the purposes of section 99FA of the Superannuation Industry (Supervision) Act 1993 to continue to be met electronically;
• Remove requirements related to Fee Disclosure Statements, update record-keeping obligations for new consent requirements and remove references to civil penalties which are removed in Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Bill 2024 (the Amending Bill);
• Align requirements for Financial Services Guides and Website Disclosure Information and make other consequential amendments;
• Streamline the regulations for conflicted remuneration in line with the changes to the Amending Bill; and
• Ensure the informed consent requirements apply for benefits given in relation to a general insurance product where personal advice is provided.

If you found this article helpful, then subscribe to our news emails to keep up to date and look at our video courses for in-depth training. Use the search box at the top right of this page or the categories list on the right hand side of this page to check for other articles on the same or related matters.