Exemption grows under FSLAB
The exclusion, or exemption, was contentious – some financial advisers felt it treated other professions with an unfairly light touch.
But in the new Financial Services Legislation Amendment Bill, which is working its way through the select committee process and on which submissions are currently sought, the wording has changed.
Kensington Swan lawyers pointed out that it still applies to tax agents, real estate agents, accountants, teachers, lecturers, journalists and valuers who give financial advice in the ordinary course of their occupation.
“Of interest to some will be the fact that incorporated law firms appear to get a wider exclusion, where any advice given in the ordinary course of such a firm’s business is excluded. We think the difference is more than just splitting hairs. Curious.”
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