The first tranche covered statutory best interests duty, compulsory renewal requirement (opt-in), and the enhancement of ASIC’s powers.

The second tranche of the legislation covers the provisions relating to conflicted remuneration including the ban on commissions and other volume-based payments to financial advisers, the ban on soft-dollar benefits to financial advisers, the ban on volume-based shelf-space fees to product platforms and ban on asset-based fees involving leverage.

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