Some of the disclosure requirements are not yet known, and analysts are cautioning that the scope being designed into the legislation for ASIC could cause future problems.

Robert Tobias, the head of Phillips Fox’s specialist FSRB team, pointed out that the Bill has expanded from its draft form, while leaving our much of the practical detail. “Some of that will come through in the ASIC policy statements.”

And the law firm’s Compliance Solutions Manager, Marianne Robinson, added: “There are still many important issues which will remain unclear until the regulations are released.”

The transitional provisions are contained in separate legislation that is unlikely to be introduced into Parliament until August – less than two months before the October 1 implementation date.

Having been thoroughly scrutinised over the past four days, the 550 pages of legislation – up from 260 in the draft Bill – are now seen as containing few surprises for relevant professional groups. ASIC may therefore provide the drama with its interpretations of what the legislators intended.

One area that Clayton Utz sees as having possible future complexities attached to it is the new – and unexpected – obligation on licensees to take all reasonable steps to ensure representatives comply with all the relevant financial services laws.

“Compliance professionals should be in hot demand if this provision is enacted. It goes further than the mere obligation to comply that the law currently imposes.

“This could prove to be a key change in the Bill, as it adds an extra layer of legal obligations on top of existing legislation, and will significantly increase compliance costs for large and small players alike.”

Another unexpected development is the addition of a section dealing with offences. The Commonwealth Criminal Code, due to commence in December, has been incorporated into the Bill. Anyone charged with an offence for failing to provide material for certain financial products will bear the responsibility of proving their innocence.

Unless the legislation yet to come contains some nasty surprises, the major changes insurance brokers will experience are the move to a more comprehensive licensing system and new selling requirements, particularly where “retail” clients are involved.

NIBA is now producing a licensing kit to assist its members with their applications. These will be available after the detailed requirements have been settled. NIBA will also provide training courses.

Noel Pettersen said that while the new system will involve new competency requirements, systems and ways of doing things, “it should lead to an increase in the professionalism of all those involved in the insurance industry”.