Summary
Amends the
Corporations Act 2001
to: remove the seventh step (the “catch all”) from the steps an advice provider may take in order to satisfy best interest obligations; enable clients and providers to agree on the scope of advice to be provided; remove the renewal notice obligations for fee recipients; remove the requirement to provide yearly fee disclosure statements to certain clients; provide for a general advice exemption to exempt benefits that relate to general advice from the ban on conflicted remuneration in certain circumstances; and make consequential amendments.