FSLAB set to pass

Its third reading began in Parliament on Tuesday but was not completed by the end of the day.

It did not resume on Wednesday as the house dealt with members’ orders and is at number three on the order paper for Thursday, with 10 speeches remaining.

Despite the delays with the new law, compliance specialist Gavin Austin, of ABC Compliance, said advisers did not have to sit on their hands while waiting for the legislation to bed in.

He said there were a number of things they could do to prepare for the new regime.

They could work out where they wanted their businesses to sit, he said - whether that was as a licensed FAP, or working as a financial adviser or nominated representative under someone else's license.

They could also get "ahead of the pack" by completing early any qualifications that they knew were needed.

Advisers who were not AFAs could compare their businesses to the AFA code of conduct. Things such as record-keeping and determining the scope of advice would be relevant.

Austin said advisers could use the ABS format to pull together information that might be needed for a license application.