The third round of draft FoFA reform legislation is expected to be released later this week or early next week, according to a spokesman for Financial Services and Superannuation Minister, Bill Shorten.
The spokesman told riskinfo that while the exact date was not definite, there would be a further round of draft legislation released shortly.
The Government released the second tranche of its reform legislation last week (see: Government Releases Latest Round of Draft FoFA Legislation), but did not provide clarification on key issues including intra-fund advice and the accountant’s exemption.
Responding to the latest FoFA releases, the Association of Financial Advisers (AFA) has expressed its concern at the lack of a full picture of the reforms.
AFA President, Brad Fox, said it was disappointing that “there are still pieces of the jigsaw missing”.
“It’s going to be so difficult for the average person to consider their response in totality while some elements of the reforms are being passed and some are not even available for consultation yet,” he said.
He added that the disparate nature of the announcements may also make it difficult for the Independent members of Parliament to form a clear opinion on the value of the reforms for Australian consumers.
“There is an awful lot of policy being released on different aspects and we would hope the reform of financial services doesn’t fall into the too hard basket for the Independents. We don’t want them to be as disengaged with super as it seems many Australians are.”
