Treasury has released for consultation a policy paper for the government’s planned single disciplinary body for financial advisers, after the House of Representatives last week passed the Better Advice Bill for the proposed scheme.

The policy paper seeks feedback on the following elements in the bill that will be set in regulations:

the circumstances when the Australian Securities and Investments Commission (ASIC) must convene a Financial Services and Credit Panel to consider alleged financial adviser misconduct and

the types of administrative sanctions made against a financial adviser that must be included on the Financial Advisers Register

Stakeholder feedback will inform the development of exposure draft regulations, which will be released later this year for further consultation, a statement from the office of Financial Services Minister Jane Hume says.

The statement says it is intended that regulations will come into force on January 1 next year, subject to passage of legislation.

The Better Advice Bill expands the role of the Financial Services and Credit Panel within ASIC to operate as the single disciplinary body with certain disciplinary decisions of the Panel to be listed on the corporate regulator’s publicly accessible Financial Advisers Register.

Closing date for submissions is August 20.

Click here to access the policy paper.