After first announcing the move in the 2021-22 budget, the government is now accepting submissions on options that aim to:
- Provide Australian licensing relief to FFSPs that are already similarly licensed and regulated in other jurisdictions that want to enter the Australian market.
- Provide Australian licensing relief to FFSPs not based in Australia that provide financial services to their Australian clients.
- Fast-track the licensing process for FFSPs that will require a licence to operate in Australia.
“FFSPs provide Australian investors with access to global investment opportunities and overseas markets,” a statement released by Treasury read.
“FFSPs also attract investment and liquidity into Australia. These services are important for many Australian industries, such as the superannuation industry, to support diversified investment portfolios. Australian businesses also benefit from having greater access to overseas funding markets which provide growth opportunities.
“These measures are intended to reduce duplicate regulation and barriers for FFSPs entering the Australian market.”
Submissions are open now and close on 30 July.
Neil Griffiths
Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.
Neil is also the host of the ifa show podcast.
