SMSF Association Submission on the Financial Sector Reform (Hayne Royal Commission Response – A New Disciplinary System for Financial Advisers) Bill 2021

The SMSF Association (SMSFA) welcomes the opportunity to provide a submission on the single
disciplinary body measures proposed in the Financial Sector Reform (Hayne Royal Commission
Response – A New Disciplinary System for Financial Advisers) Bill 2021.

We support the policy intent to simplify the regulatory environment for financial advisers. The
proposed changes will aid in the removal in some of the additional layers of complexity around
multiple registrations, regulatory bodies and codes. The SMSF Association also views this as an opportunity to improve the efficiency of the current systems, regulatory oversight, and increase the level of individual accountability and professionalism. This will ultimately benefit financial advisers, the financial advice sector more broadly, and most importantly consumers.

Part 1 – Single Disciplinary Body for Financial Advisers

Part 2 – Registration of Financial Advisers

Part 3 – Wind up of FASEA and transfer of standards functions to the Minister and ASIC

Part 4 – Tax (Financial) Advice Services