The new regulatory regime for financial services ("FSR") will commence on 11 March 2002.
The key aspects of FSR include:
a harmonised licensing regime for banks, superannuation trustees, securities dealers, investment advisers, futures brokers and insurance agents and brokers
product disclosure statements being given to retail investors about:
- deposits with banks, credit unions and building societies
- interests in registered managed investment schemes
- superannuation
- life and general insurance policies
retail investors receiving financial services guides before they acquire financial services such as:
- investment advice
- broking services
- investor directed portfolio services
retail investors receiving investment advice in the form of written statements of advice
two year transitional period for existing operators to comply with the requirements of the new regime.