Want to know when the Financial Services Reform Bill will finally make it into Parliament and confused by all the predictions? Canberra observers are tipping next month, but…

It all hinges on the speed with which either the NSW or Victorian government moves to amend state laws making it possible to refer Corporations Law powers to the Commonwealth. Both governments have indicated their willingness to co-operate, but exactly when isn’t known yet.

A fast-tracked FSRB could theoretically be enacted on July 1, which would bring it back to the timetable originally proposed last year by Financial Services & Regulation Minister Joe Hockey.

But reality suggests the end of the year is still more likely.

NIBA Chief Executive Noel Pettersen says a July 1 implementation would have little immediate effect on most brokers. They will have two years to meet the new licensing requirements.

By January next year the new selling requirements for “retail” clients – which are not popular for their complexity – could be enacted, with the whole reform program in place by July 1 2003.

The whole thing hinges on the co-operation of the two state governments. The other possible impediment is a federal election, which could be called before the middle of this year. That’s why Mr Hockey is working hard to keep the FSRB moving.