As we reported last week, the Financial Services Reform Bill will probably make it into Parliament next month. Financial Services & Regulation Minister Joe Hockey says it may even make it this month, with enactment as scheduled on July 1.

Plenty of pundits are hailing the news as a surprise, although anyone caught napping would only have themselves to blame. Mr Hockey and former ASIC Chairman Alan Cameron warned at last October’s NIBA Convention that the commencement date for the legislation would be short, and most affected industry groups have been gearing up for just such an eventuality.

As Phillips Fox’s Marianne Robinson said late last week, many companies may be behind in their preparations for the new laws because they thought they would have at least a year to prepare.

Ms Robinson, the law firm’s Manager Compliance Solutions, highlighted what should be of much greater concern: the fact that nobody outside the Government really knows the Bill’s fine detail. It’s a matter that has concerned people like NIBA Chief Executive Noel Pettersen for most of the past year. He has warned that although NIBA’s lobbying efforts have been generally successful, the “devil will be in the detail”.

While the Government consulted widely with all affected industry sectors, Canberra insiders warned yesterday that the Government’s solutions are likely to contain at least a few upsets.

Ms Robinson suggests two matters satisfactorily settled last year – the definition of “retail client” and the extension of the disclosure regime to small business – could be the subject of a Government about-face. Some bureaucrats don’t like the “softer” line adopted by the Government in last year’s negotiations.