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❌This bill did not pass parliament28 Oct 2021

The bill was rejected or lapsed before becoming law.

🏛 House of Representatives3 readingsAmendments circulated

Financial Sector Reform (Hayne Royal Commission Response—€”Better Advice) 2021

✦ Plain-English Summary

# Financial Sector Reform (Hayne Royal Commission Response—Better Advice) Bill 2021 ## What it does This bill strengthens rules around financial advice in Australia, responding to problems uncovered in the Hayne Royal Commission investigation into misconduct in banking and finance. It mainly tightens requirements for financial advisers and creates new oversight mechanisms through panels that can examine questionable financial advice practices. ## Why it matters Financial advisers have sometimes given dodgy advice that cost ordinary Australians their life savings. These changes aim to make sure banks and financial companies are properly policed when they give bad advice, and that regulators (ASIC) have better tools to investigate and stop misconduct before it spreads. ## Key details - The changes kick in from **1 January 2022**, giving the financial industry time to adjust their practices - New "Financial Services and Credit Panels" are being created so regulators can formally examine and take action on financial advice complaints - The bill updates the main laws that govern financial services (the Corporations Act and ASIC Act) to give regulators stronger powers to issue notices and investigate advisers who aren't following the rules properly

Official Description

Amends the: Australian Securities and Investments Commission Act 2001 , Corporations Act 2001 and three other Acts to: expand the role of the Financial Services and Credit Panel to operate as a single disciplinary body for financial advisers; create new penalties and sanctions for financial advisers who have breached their obligations under the Corporations Act 2001 ; introduce a two-stage registration process for financial advisers; transfer functions from the Financial Adviser Standards and Ethics Authority to the minister and to the Australian Securities and Investments Commission; and introduce a single registration and disciplinary system for financial advisers who provide tax (financial) advice services; and Corporations Act 2001 to make amendments contingent on the commencement of the Treasury Laws Amendment (Registries Modernisation and Other Measures) Act 2020 .

Committee Referrals

Senate Economics Legislation Committee; Senate Standing Committee for the Scrutiny of Bills

Full bill PDF →APH page →

Audit History

Introduced

24 June 2021

Last updated on APH

10 Apr 2026

Outcome date

28 Oct 2021

Last checked by Crossbench

2 days ago

Full text indexed

2 days ago

🗳️

No formal division recorded

This bill passed by voice vote — parliament agreed without calling a formal count. A division is only recorded when a member explicitly requests one.

Constituent votes

Voting is closed — this bill has been decided by parliament.

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🔒 Voting closed — this bill has been decided by parliament