Alex Hawke (Mitchell, Liberal Party, Minister for Immigration, Citizenship, Migrant Services and Multicultural Affairs) Share this | Hansard source

Firstly, I would like to thank all those members who've contributed to this debate. Schedule 1 of the bill enhances the framework governing the provisions of financial advice to clients under ongoing fair arrangements to prevent fees for no service. Schedule 2 of the bill introduces a new disclosure obligation to ensure that financial advisors who are not independent in relation to the provision of personal advice are required to provide their clients with a clear and concise written disclaimer that outlines that they are not independent and explains the reason why. Schedule 3 to the bill strengthens protections for individuals against paying fees for no service from their superannuation by prohibiting ongoing advice fees in MySuper and increasing the visibility of fees to individuals. I commend this bill to the House.

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