On 28 April 2011 the Assistant Treasurer announced a number of reforms following on from the Future of Financial Advice announcement in April 2010. The reforms include: banning all trailing commissions on risk insurance inside superannuation; a requirement for financial advisers to get clients to ‘opt-in’ every two years; a broad ban on volume-based payments from product issuers to financial advisors; allowance for scaled rather than holistic financial advice by the industry; and a ban on any soft-dollar benefits from product issuers to advisors above $300 (with certain exclusions). An adequate Regulation Impact Statement (RIS) was prepared on the broad ban on volume based payments from product issuers to financial advisers under the previous best practice regulation guidelines and is required to be published upon tabling of the regulations. RISs were prepared for the various other reforms but were not assessed as adequate for the decision-making stage. Consequently, the OBPR has assessed the proposal as being non-compliant with the Australian Government’s best practice regulation requirements. A post-implementation review will be required within 1 to 2 years of its implementation.