As the Future of Financial Advice (FoFA) debate heats up with the PJC hearings in Sydney this week , we want to know where you stand today. Our latest poll question asks:
Are you more concerned with the nature of the proposed FoFA reforms or with the timing of their implementation?
Over the last year, many advisers have told riskinfo they have no significant issues with any of the proposed FoFA reforms, while an equal number have said they have very deep concerns about the impact on their practice of areas such as the opt-in process and the potential cost of annual fee disclosure.
Where do you stand? As the FoFA deadlines draw closer, accompanied by strong lobbying to delay its implementation, are you generally ok with the reforms themselves, but have concerns about being ready in time? Are you ok with both content and timing? Or do you continue to oppose some of the proposed measures for the detrimental impact you believe they may have on your ability to deliver quality advice to your clients? What is keeping you awake at night?
Tell us what you think…
Add your comment now
One Comment
The people the idealogues at Treasury forgot about ( riskwriters ) are nothing if not adaptable. We will survive, but will we stay.
The question is, will the insurers stay as they are. For example, when will there be a truly discounted premium when no commission is taken and the adviser opts for a fee.The current offer is a joke-a 20% discount on premium is all thats available.
Without motivated advisers holding relationships with clients, who will put pressure on the premiums of legacy risk products held on the books of some insurers following amalgamations.