FoFA Amendments – What Matters Most?

Our latest poll asks you to consider which of the disallowed FoFA amendments matters to you the most.

In a political world where situations can quickly change, and where compromise is often the order of the day, we speculate that a number of the proposed FoFA amendments may still be adopted. If this happens, which of the proposed (but currently disallowed) amendments do you see as the most critical in serving your interests and those of your clients?

Many adviser comments we received in response to the disallowance of the FoFA amendment regulations (See: Senate Takes Axe to FoFA Amendments) have focussed on the issue of cost, rather than on specific amendments. Typical comments or phrases included:

“… perhaps those that most needed affordable advice have now been massively & inadvertently impacted to their detriment…”

“What it has done is increase the cost of financial advice…”

“Small clients are being priced out of service.”

Of the specific amendments, the notion of complying with opt-in requirements appears to be unpopular with many advisers.  But at the same time, there are also many advice practices for whom opt-in holds little concern because of the processes that already exist within their business.

Many advisers will see other proposed amendments as holding more significance for them in terms of how they can best serve their clients, covering areas including retrospective fee disclosure statements, grandfathering issues on renewal commissions and how to test whether a client’s best interests have been served.

This poll gives you the opportunity to reflect on what is most important to you in your endeavours to better serve your clients. It will indicate which of the disallowed amendments most advisers feel most strongly about, and may provide a focus for those speaking to Canberra on your behalf.  Tell us what you think…