The government has launched a consultation on the first tranche of draft regulations for the Delivering Better Financial Outcomes bill.
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 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.
Deadline for feedback is 8 July 2024.
