Our latest poll is looking at whether the extension of the mandatory implementation of the FoFA reforms to 1 July 2013 will give advice practices sufficient time to prepare. We are asking:
Do you believe your advice practice will be ‘FoFA ready’ by 1 July 2013?
In November 2011 we asked the same question, when the intended implementation date was set for 1 July 2012. At that time, an overwhelming proportion of advisers said they would simply not be ready for FoFA by 1 July this year. When we closed our November 2011 poll, almost three quarters of advisers said they would not be ready. A further 17% were not sure and only 10% said they would be ready for FoFA by 1 July 2012.
Has your opinion changed? Do you now believe your advice practice will be able to manage a smooth implementation of the required reforms?
One of the frustrations for all industry sectors is the uncertainty that still exists in terms of the regulations and the finer details that will govern many of the FoFA reform elements, such as opt-in, Best Interests, annual statements and the banning of all investment and super commissions.
Given this continuing uncertainty, it follows that many advisers, licensees and manufacturers will not be sure of their FoFA readiness until they have had an oppotunity to access the regulations, once they are finally released.
But given what you know today, and notwithstanding this uncertainty, has the 12-month extension to implementing the FoFA reforms changed your opinion as to whether you will be ready in time for 1 July 2013? Or does the ongoing uncertainty about the implementation details mean that your opinion has not changed?
We will welcome your contribution to our latest poll question and any additional thoughts you may want to add…
