The Coalition government has agreed with the FSI recommendation that mortgage brokers and financial advisers must disclose their ownership structures.
In its response to FSI, released today, the government also agreed to rename ‘general advice’ to improve consumer understanding.
“We will consult with a wide range of stakeholders and conduct consumer testing before finalising the new term,” the report said.
“We will also develop legislative amendments to ensure that financial advisers and mortgage brokers adequately disclose their relationships with associated entities.”
The government accepted all but one of the FSI recommendations.
More to come.