The Quality of Advice Review Stream One legislation will grant ministerial power to approve a standardised fee consent form, but only if the minister considers it necessary to do so.

The legislation, which was tabled in Parliament on Wednesday, tackles the issue flagged in Stream One draft legislation which didn’t explicitly mandate a standardised fee consent form.

Streamlining fee consent was part of Recommendation 8 of the QAR and the minister said last November he would “prescribe a form if we need to” when asked about the wording of the draft legislation.

“The objective is to have a single form that advisers can use,” Jones said at FAAA Congress last year. “We’ve consulted on the draft; if we can’t get there by one means we’ll get there by another.”

The legislation, which was dubbed the Delivering Better Financial Outcomes package by the government, allows the minister to approve “one or more forms” to standardise consent for ongoing fee arrangements.

“The ability to approve multiple forms and the requirement that the approved form be in relation to the circumstances specified is intended to give the minister appropriate flexibility in determining consent forms to respond to evolving practices in the industry and the regulatory context,” the exploratory memorandum for the draft bill said.

However, there is also no requirement for the minister to approve a potential form if it is not deemed appropriate or necessary to do so.

“There is no requirement for the minister to approve a form or a form for all circumstances, however, where the minister approves a form, that form becomes mandatory for collecting a consent,” the memorandum said.

“If the minister approves a mandatory form, it will help to standardise information collection requirements and reduce administrative burdens on industry and provide certainty that a consent satisfies regulatory requirements.”

Consent for ongoing fees which are deducted from multiple accounts, including across multiple account providers or product issuers, can be consolidated into one form.