Jane Hume (Victoria, Liberal Party, Assistant Minister for Superannuation, Financial Services and Financial Technology) Share this | Hansard source

No, it does not. In fact, the consumer protections that will remain in place include: disclosure requirements, best interest duties for financial advisers, responsible lending obligations, internal and external dispute resolution mechanisms, and adequate compensation arrangements. Before providing services, businesses need to notify clients that they're operating without a licence or authorisation from ASIC and those normal protections will apply.