In the lead up to the much anticipated announcement of the final Future of Financial Advice (FoFA) reform proposals, The AFA is calling for a “level playing field” for all who operate in the financial advice space.
“Currently, super funds, and in particular, industry funds providing intra-fund advice to their members, have a class order exemption from the obligation to know the financial situation of the member they are advising,” said Brad Fox, AFA President.
“We believe that any rules and obligations that apply to financial advisers operating outside the industry fund environment should apply equally to those operating within it.”
The call comes as the AFA launches a pack to help members understand the key issues relating to the proposed FoFA reforms. The pack provides a summary of the main reforms, and the AFA’s position in relation to all the key reform proposals.
AFA CEO, Richard Klipin, said the FoFA pack may also help members to better explain the reforms to their clients.
“As we approach the final quarter of the FoFA process now is the time for advisers to come to grips with the key issues so that they can reposition their businesses and be FoFA ready,” Mr Klipin said.
The AFA says it will continue to lobby hard on behalf of the clients of all financial advisers to ensure any reform remains true to its original intent – serving the best interests of consumers.
Click here for a copy of the AFA FoFA pack.
