Treasury is seeking feedback on its exposure draft legislation for the implementation of advice reforms as recommended by the Hayne royal commission.

The consultation paper released last week comes after the Better Advice Bill was introduced in Parliament in June.

Proposed reforms include the establishment of a single disciplinary body and new registration system for advisers as well as the Government’s previously announced decision to wind up the Financial Adviser Standards and Ethics Authority (FASEA).

Treasury is looking for stakeholder input in relation to the setting of criteria for when the Australian Securities and Investments Commission must refer matters to the single disciplinary body.

It is also seeking submissions on specification of administrative sanctions made against an adviser that must be included on the Financial Advisers Register.

Treasury says it is intended for the Better Advice Bill and the supporting regulations and legislative instrument to come in on January 1.

Closing date for submissions is October 15.

Click here for the consultation paper and details.