Treasury Laws Amendment (2023 Measures No. 1) Bill 2023
The submission to the Senate Economics Legislation Committee (Committee) in response to its inquiry concerning the Treasury Laws Amendment (2023 Measures No. 1) Bill 2023 (Cth) (Bill), was prepared by the Financial Services Committee (FSC) and the Taxation Committee of the Business Law Section.
The FSC seeks only to respond to Schedule 1 to the Bill, which relates to the registration of providers and assisted decision making.
The amendments proposed in Part 1 of Schedule 1 appear to address the risk of a relevant provider providing personal financial product advice to a retail client without meeting their obligation to be registered on the Financial Advisers Register, which would involve the commission of an offence.