The Government and Opposition have reached an agreement to re-instate elements of the Coalition’s Future of Financial Advice amendments, including grandfathering arrangements.
In a short statement issued by the Minister for Finance and Acting Assistant Treasurer, Senator Mathias Cormann, the Government confirmed that it had given notice of a motion in the Senate to re-make some of the amendments that were disallowed last week (see: Senate Takes Axe to FoFA Amendments).
Senator Cormann said the revised regulation would progress the ‘broadly supported elements of the FoFA amendments’.
Specifically, the new regulation will set out:
- Amendments to the grandfathering provisions that will address unintended consequences, and facilitate competition in the financial advice industry, by enabling advisers to move licensees with their clients whilst continuing to receive grandfathered remuneration
- Amendments to the training and education provisions that specify that benefits in relation to education and training that relate to conducting a financial services business are not conflicted remuneration
The regulation will also incorporate amendments to the stamping fee provisions, accountants’ certificate renewal period and brokerage-related provisions.
What about opt in legislation?
Wayne, i think there is between buckleys and none of having opt in & retrospective fds’ passed through the senate with opposition support…
OPt in is specifically designed to take advantge of the natural predisposition of humans to take the line of least resistance.
it is ironic though that in a Country where voting is compolsory (no opt in there) the loonie left can justify their actions as being in the best interest.
Opt out would actually require some (meaningful) thought and input from the iclient, (God forbid the client be reasponsible for their own actions and be required to be activly engaged) .
maybe we should ask the pollies if they want the vote they received at the last election to still be valid they ring everone and ask if they still feel it was a good idea? see how long opt in lasts then !!
Every time a make a comment you delete why should I bother any more waste my time
I can’t understand why they wouldn’nt post yaw commants Prat
Get a grip on the lingo please mate. You’re worse than Patrick.
Bill, thanks for your comment, a bit of light relief from the tedious subject of FoFA.
can we find a way to have the politicians accountable through legislation or regulation for their utterances that effect a bigger proportion of the Community.
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