THE Financial Services Council (FSC) has welcomed the bipartisan support for the proposed timetable for implementing stronger professional standards and education requirements for financial advisers. 

FSC CEO Sally Loane said the passage of legislation through the Senate is positive news for the financial advice profession and provides needed certainty for all advisers at an unprecedented time for the economy, particularly as demand for advice is surging as a result of the pandemic.  

“Allowing advisers the time to sit the exam and meet the strengthened requirements will continue to build trust in financial services as it contributes to our economic recovery, while encouraging future generations to join the profession,” Ms Loane said. 

"Changes such as these are part of a reform program to help ensure financial advice is affordable and accessible for consumers”. 

The Treasury Laws Amendment (2019 Measures No. 3) Bill 2019 implements changes to existing requirements for financial advisers announced by the Government in August last year. As a result, financial advisers registered prior to January last year will need to complete the FASEA exam by January 2022 and meet FASEA's qualification requirements by January 1, 2026. 

www.fsc.org.au

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AS A RESULT of the travel restrictions imposed by COVID-19, the House of Representatives Select Committee on Regional Australia will be extending its inquiry into 2021.

Committee chair, Tony Pasin MP said the committee was planning to travel to regional Australian communities as COVID-19 travel restrictions ease.

"We’re looking forward to the opportunity to further connect with people who live in the regions and to develop our understanding of the challenges and opportunities found across regional communities," Mr Pasin said.

"This extension allows us to further examine how the Black Summer bushfires and COVID-19 have impacted regional areas. We hope to learn more about what our regions need in order to encourage growth, decentralisation and sustainability."

Prior to the introduction of travel restrictions, the Committee conducted site visits and community roundtables in northern Tasmania. Since then the Committee has held 12 virtual public hearings.

Submissions to the inquiry have now been re-opened.

The Committee is offering organisations and individuals who have previously lodged a submission the opportunity to update their submissions in light of recent events.

Both new and updated submissions can be emailed to This email address is being protected from spambots. You need JavaScript enabled to view it..

To learn more about the inquiry or read submissions received so far, visit aph.gov.au/regionalaustralia.

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THE Electoral Matters Committee has commenced a review into the Electoral Legislation Amendment (Miscellaneous Measures) Bill 2020.

The bill, introduced to the Senate by Senator Mathias Cormann, Minister for Finance, would amend the Commonwealth Electoral Act to:

• clarify the relationship between federal and state and territory electoral donation and disclosure laws;
• make technical amendments to address anomalies in entity registration and public election funding rules;
• improve electoral processes, electoral administration, vote issuing procedures and improve workforce flexibility for the Australian Electoral Commission; and
• expand electronically assisted voting methods to Australians working in Antarctica.

The Committee has invited written submissions addressing any or all aspects of the bill.

Prospective submitters are advised that any submission to the Committee’s inquiry must be prepared solely for the inquiry and should not be published prior to being accepted by the Committee.

Submissions are requested by July 3, 2020. Further information about making a submission to a committee inquiry can be found at the following link.

Further information on the inquiry can be obtained from the Committee’s website.

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THE Northern Australia Committee has commenced an inquiry into the destruction of the Indigenous heritage sites at Juukan Gorge, WA.

The inquiry will examine how the destruction of the caves came about; the processes that failed to protect the site; the impacts on Traditional Owners; and the legislative changes required to prevent such incidents from recurring.

Committee Chair, Warren Entsch, said it was inconceivable that such a valuable heritage site could be destroyed in complete accordance with the law and without any means for Traditional Owners or their representatives to effectively intervene.

"The Committee wants to find out how this was allowed to happen and how we will prevent such occurrences in the future. The States and Territories and the Commonwealth have an absolute obligation to preserve our Indigenous heritage for the benefit of all Australians," Mr Entsch said.

The Committee welcomes submissions from all interested parties. The deadline for submissions is July 31, 2020.

The Committee is due to report on September 30, 2020.

The detailed Terms of Reference can be found on the Committee’s website.

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