AIST supports the implementation of recommendation 2.10 of the Royal Commission and welcomes the Government’s introduction of the Bill.

The introduction of the new disciplinary body and the registration regime will:

• Enhance oversight

• Contribute to transparency and accountability in the financial advice sector

• Improve behaviour in the sector and minimise harm for users of financial advice

AIST notes the extension to passing the FASEA exam and supports this extension to 30 September 2022. However, AIST opposes any further extension. AIST recognises the Bill has been referred to the Senate Economics Legislation Committee for inquiry, and it calls on the Committee to support the Bill.