- Removal of opt-in (33%)
- Removal of retrospective annual fee disclosure (26%)
- Amendments to grandfathering provisions (17%)
- Scaled advice clarification (12%)
- Broader access to risk commissions in super (7%)
- Removal of best interests 'catch-all' provision (5%)
We’ve taken the suggestion of an adviser and have changed our current poll on the proposed FoFA amendments.
Instead of selecting only your top choice, you can now pick the three proposed FoFA amendments that you believe will have the greatest positive impact for you and your clients.
To date, your responses have been quite even. While the proposal to remove of opt-in was expected by some to be a run-away winner, only 29% of advisers selected this as their top choice. This was followed closely by the proposal to remove the requirement for retrospective annual fee disclosure (26%). Each of the other four proposed amendments in the poll attracted support as advisers’ top choice, the next most popular being the amendment to grandfathering provisions (16%).
… the proposed removal of the ‘catch-all’ clause within the best interest statute has come under fire
But we’re starting again. You can now pick your top three proposed FoFA amendments. However, as you select your top three, consider how each of these changes would be perceived by your clients. While we’ve said we’re taking a ‘glass-half-full’ approach to this poll question, a debate has emerged within the industry about whether some of the proposed amendments represent a win for vested interests at the expense of the consumer. For example, the proposed removal of the ‘catch-all’ clause within the best interest statute has come under fire from several sectors.
Do you agree that all these proposed amendments represent a positive outcome for you, as well as for your clients? Do they all reflect common sense and/or remove unnecessary red tape? Tell us what you think…
