{"id":13215,"date":"2011-11-16T09:32:01","date_gmt":"2011-11-15T23:32:01","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=13215"},"modified":"2021-04-15T10:20:05","modified_gmt":"2021-04-15T00:20:05","slug":"were-not-ready-for-fofa-advisers","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2011\/11\/16\/were-not-ready-for-fofa-advisers\/","title":{"rendered":"We’re Not Ready For FoFA – Advisers"},"content":{"rendered":"

\"Vote<\/a><\/p>\n

Two thirds of advisers say they will not be ready in time for the proposed 1 July 2012 commencement of the new Future of Financial Advice (FoFA) reforms.<\/p>\n

Responding to our latest poll question,\u00a067% of advisers say they believe they won’t\u00a0be ready when the FoFA gates to open\u00a0on 1 July next year, and a further 20% are unsure whether their advice practice will be FoFA ready by that date.<\/p>\n

As we go to print, only 13% say they will be ready for FoFA by 1 July next year.<\/p>\n

A number of advisers have raised the point that the poll question itself is problematic because the industry does not yet know exactly which of the FoFA reforms, and the details surrounding those reforms, it needs to prepare for:<\/p>\n

… by the time this reform gets to government it will have changed again at least 4 times, so we dont really even know what new rules we will HAVE to follow<\/em><\/p>\n

It is not possible to be ready for FOFA because we do not know what the final FOFA legislation will be. It is likely to change a number of times before it is passed in Parliament.<\/em><\/p>\n

Another adviser has taken the opportunity to raise the point that those advisers opposed to the contentious opt-in reform should still be voicing their concerns about this measure, rather than simply accepting it will be implemented.\u00a0 He remains opposed:<\/p>\n

Why have we as an industry given up on opposing Opt-In? It is unrealistic and fanciful. Let fiduciary obligation take care of that!<\/em><\/p>\n

It now seems apparent that the full package of changes and the finalised legislation will not be known until at least February next year.\u00a0 Many industry stakeholders, including\u00a0life companies,\u00a0dealer group licensees and\u00a0individual advisers, have said they will need more time to prepare for FoFA, for the same reasons stated above in our poll comments, namely that they don’t yet know the final composition of the Bill nor the\u00a0administration requirements associated with those measures.<\/p>\n

Readers should also take into account the legislation introduced to date has been referred to the Parliamentary Joint Committee for Corporations and Financial Services,\u00a0headed by Bernie Ripoll, for review.\u00a0 The Committee is not due to report back to Parliament until 29 February 2012.<\/p>\n

We will let you know about any comments in relation to FoFA and its implementation timing that may be made later this week by Financial Services\u00a0Minister, Bill Shorten<\/strong>, when he addresses the\u00a0FPA National Conference in Brisbane.\u00a0 But in the mean time, let us know what you think, given what you know today, about whether your own practice will be ready to step up to the\u00a0FoFA starting line on 1 July 2012…<\/p>\n

\"Vote<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Two thirds of advisers say they will not be ready in time for the proposed 1 July 2012 commencement of the new Future of Financial Advice (FoFA) reforms.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,3,49],"tags":[],"class_list":["post-13215","post","type-post","status-publish","format-standard","category-compliance-regulation","category-general","category-polls"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/13215","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=13215"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/13215\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=13215"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=13215"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=13215"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}