Thursday, 12 November 2020
Corporations (Fees) Amendment (Hayne Royal Commission Response) Bill 2020; Second Reading
That this bill be now read a second time.
This bill forms part of the implementation of the government's commitment to an industry-wide deferred sales model for all add-on insurance products. Under this legislation, the Australian Securities and Investments Commission will have the ability to charge a fee for applications made to exempt the four-day consumer consideration period for the purchase of insurance sold in addition to a related product.
Finally, the Legislative and Governance Forum on Corporations was consulted in relation to the amendments and has approved them as required under the Corporations Agreement 2002.
Full details of the measure are contained in the explanatory memorandum. I commend the bill to the House.