The Australian Bankers' Association has welcomed changes to the Future of Financial Advice legislation, which were tabled in Parliament yesterday. It described the exemptions granted to the banking industry as a "sensible balance".The amendments that will have a direct impact on authorised deposit-taking institutions relate to the best interest duty and conflicted remuneration.Under the current law, an agent or employee of an authorised deposit-taking institution need not satisfy certain steps in the best interest duty (the obligation to demonstrate that they have acted in the client's best interests) if they provide personal advice on a basic banking or general insurance product.Under the new law, an agent or employee of an ADI need not satisfy certain steps in the best interests duty if they provide personal advice on a basic banking, general insurance or consumer credit insurance product, or a combination of these products.Conflicted remuneration (a benefit offered to advisers that could reasonably be expected to influence which financial product they recommend to clients) is banned.For ADIs, the current law provides an exemption where the advice is in relation to a basic banking product or a general insurance product.The amendment extends the exemption to advice about consumer credit insurance products.