Summary
Further to the Corporations Amendment (Future of Financial Advice) Bill 2012, the bill amends the
Corporations Act 2001
to: require financial advisers to act in the best interests of their clients and to put their client’s interests ahead of their own when providing advice; ban the payment and receipt of certain remuneration which has the potential to influence the financial product advice given to retail clients; ban volume-based shelf-space fees from asset managers or product issuers to platform operators; and ban asset-based fees on borrowed client monies.