Meanwhile the Australian Securities and Investments Commission (ASIC) has announced amendments to some class orders providing relief from financial reporting requirements, indicating that it, too, is aware of the need to answer industry criticism.

It has also released information to guide licensees and their representatives on preparing statements of advice (SOA) that are clear and concise, and a new class order – statements of additional advice – to facilitate shorter SOAs for ongoing client relationships.

The National Insurance Brokers Association has recently had talks with Federal Treasury and ASIC about an anomaly in relation to requirements under the Financial Services Reform Act for payments into insurance broking accounts.