The move comes after ASIC gave licensees a heads-up last month that it would create a new legislative instrument putting this relief into effect.
ASIC has granted a three-year exemption to all AFS licensees from the obligation in the Corporations Act 2001 to ensure that their financial advisers are covered by a compliance scheme and from the associated notification obligations.
The relief follows the government’s announcement in October that it would introduce a single disciplinary body for financial advice.
Industry bodies the Financial Planning Association of Australia and the Association of Financial Advisers would subsequently abandon their attempts to establish their own self-regulating body, Code Monitoring Australia.
