The Parliamentary Joint Committee on Corporations and Financial Services (PJC) has announced an extension on the due date for submissions relating to the Future of Financial Advice (FoFA) reforms legislation.
The extension follows the release of the second FoFA Bill last week (see: Door Open for Volume Bonuses to Continue – FoFA Tranche 2), which was subsequently referred by the House of Representatives to the PJC.
The Committee, chaired by Bernie Ripoll, whose original report formed the basis of the FoFA reform recommendations, will consider both Bills concurrently, with submissions from industry stakeholders now extended until 22 December.
Hearings into the reforms, which were originally scheduled for the first week of December, have now been postponed to 23 and 24 January.
The reporting date for the PJC remains 29 February 2012, while the Government continues to target an implementation date for many of the proposed reforms, including Opt-in, of 1 July 2012.
Both FoFA Bills have also been referred to the Senate Economics Committee (SEC). Submissions to the SEC are due on 27 January and a reporting date has been set for 14 March.
