The passing of the Future of Financial Advice (FoFA) reforms legislation by the lower house last week has been met with a mixed response from the industry, following a last minute amendment to the opt-in provisions.
Category: Compliance & Regulation
ASIC Shadow Shop Warning - Room for Improvement
March 28, 2012 – 9:49 am
The Australian Securities and Investments Commission (ASIC) has issued a warning to the advice industry, saying there are several areas where advisers need to ‘lift their game.’
Churning Debate - Your Say
March 27, 2012 – 9:43 pm
In response to the Financial Services Council’s major churning announcement last week, our latest poll provides you with an opportunity to have your say on the churning debate, as we ask:
FoFA Bills Passed After Fiery Debate
March 23, 2012 – 8:28 am
The Future of Financial Advice (FoFA) Bills have been passed by the House of Representatives after more than two hours of heated debate between the Government and Opposition last night.
Opt-in Class Relief Offered
March 22, 2012 – 10:47 am
The Minister for Financial Services and Superannuation, Bill Shorten, has confirmed that advisers who sign up to professional code of conduct will not have to abide by the opt-in requirements.
FoFA Parliamentary Debate Commences
March 21, 2012 – 9:42 am
The Coalition has called for the Government to issue a revised Regulatory Impact Statement as Parliament begins to debate the Future of Financial Advice (FoFA) Bills.
FPA to Host Shadow Shopper Workshops
March 20, 2012 – 4:40 pm
The Financial Planning Association (FPA) has been given an exclusive opportunity to host a series of national workshops based on the findings of the Australian Securities and Investments Commission (ASIC) Financial Planning Shadow Shopper Report.
FPA, Industry Super Network Dealing on Opt-in
March 20, 2012 – 4:30 pm
There are indications that the Financial Planning Association (FPA) and Industry Super Network (ISN) are working together to arrive at a compromise agreement on key elements of the proposed Future of Financial Advice (FoFA) reforms.
Advisers Divided on Moving More Risk Outside Super
March 18, 2012 – 7:27 pm
Our latest poll results tell us that advisers are divided as to whether they will direct more life insurance business outside superannuation, post FoFA, in order to access commission-based remuneration.
Industry Praises FoFA Extension
March 16, 2012 – 3:04 pm
The financial services industry has come out in unanimous support for the extended implementation date of the Future of Financial Advice (FoFA) reforms, announced yesterday.
