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The Department of Home Affairs has issued its draft guidance “Modern Slavery Act 2018: Draft Guidance for Reporting Entities” (Draft Guidance) for the new Modern Slavery Act 2018 (Cth) (the Act).
The Bill was introduced as part of the government’s response to the Financial System Inquiry on 20 October 2015, which identified examples of unethical and inappropriate financial advice.
Currently, the Corporations Act imposes a general obligation on licensees to ensure that representatives are adequately trained and competent to provide financial services. ASIC’s Regulatory Guide 146 Licensing: Training of financial product advisers (RG 146) sets out the minimum knowledge, skills and education standards for financial advisers including:
Concerns were raised over the consistency of the application of these existing minimum education and training standards across the industry, and the rigour and quality of some training courses.
The Bill implements the following requirements for licensees, authorised representatives of licensees, employees of licensees, directors of licensees, and employees or directors of related bodies corporate of licensees, who provide personal advice to retail clients in relation to certain financial products (Providers):
The Bill has had its Second Reading moved and is yet to pass the lower house.