A bill in Australia widely seen to mirror the UK's Retail Distribution Review has been passed by its parliament - albeit in a watered down form.
The Future of Financial Advice bill (FoFA) will ban commissions on products in a similar way to RDR, impose a code like treating customers fairly (TCF) and strengthen the power of the Australian regulator.
However, a proposal to require advisers to write to "re-sign" clients every two years to ensure they agree with the service offered was rejected.
The CEO of Australia's Financial Planning Association (FPA) Mark Rantell told ABC News the legislation would increase the workload of the industry.
"There's no doubt there will be additional work for financial planners coming out of these reforms," he said. "That is unavoidable given the extent and nature of the reforms."
The FPA had raised concerns about the laws - including the two-year rule - and was able to negotiate with the Government to ensure they were fair, he added.
Consumer groups criticised the bill for lacking retrospective action. Choice's director of communicatons Christopher Zinn called the reforms "historic", but questioned whether existing clients would get a fair deal.
Advisers can be exempt from the opt-in regulation if they are accredited through an industry code of conduct - and a clause in the bill, again similar to RDR, allows advisers to continue accepting existing trail commission providing no new business is written.
"If your adviser doesn't get with the message, doesn't move their business with the times in terms of these reforms, then by all means consider switching," he said.
Paul Resnik, founder of Australian-based risk profiler Finametrica, currently in the UK speaking at a number of workshops, said regulation was lagging behind the UK system.
"In Australia we have one body equivalent to the PFS, and the other is a throwback life agents group," he said.
The two-year system was still untested anywhere else in the world, he added.
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