{"id":13665,"date":"2011-12-13T14:15:50","date_gmt":"2011-12-13T04:15:50","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=13665"},"modified":"2021-04-15T10:20:42","modified_gmt":"2021-04-15T00:20:42","slug":"asic-announces-fofa-implementation-timetable","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2011\/12\/13\/asic-announces-fofa-implementation-timetable\/","title":{"rendered":"ASIC to Ease Compliance on FoFA Deadline"},"content":{"rendered":"<p>The Australian Securities and Investments Commission (ASIC) has announced it plans to release regulatory guidance on the Future of Financial Advice (FoFA) reforms by 1 July 2012.<\/p>\n<p>However, the regulator says that for the first 12 months of the implementation it will not look to strictly enforce the guidelines, providing the industry with &#8216;breathing room&#8217; to introduce new processes and compliance regimes.<\/p>\n<p><!--more--><\/p>\n<p>According to ASIC, provided industry participants are making reasonable efforts to comply with the reforms, it will adopt a measured approach where inadvertent breaches result from a misunderstanding of requirements or systems issues. \u00a0However, where ASIC finds deliberate and systemic breaches, the Commission says it will take stronger regulatory action.<\/p>\n<p>ASIC said the publication of its guidelines was subject to both FoFA bills passing Parliament prior to the intended reform implementation date of 1 July 2012.<\/p>\n<p>Provided this date is met, ASIC aims to issue regulatory guidelines on the following:<\/p>\n<ul>\n<li>ASIC&#8217;s expectations for meeting the Best Interests duty<\/li>\n<li>Final guidance on the provision of scaled advice, taking into account the Best Interests duty<\/li>\n<li>The practical operation of the ban on conflicted remuneration and how ASIC will administer it<\/li>\n<li>Administrative action against financial services providers to reflect ASIC&#8217;s expanded powers to cancel or suspend an AFS licence and ban representatives<\/li>\n<\/ul>\n<p>ASIC said it will also provide updates to existing regulatory documentation, but may not have this finalised prior to 1 July.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Australian Securities and Investments Commission (ASIC) has announced it plans to release regulatory guidance on the Future of Financial Advice (FoFA) reforms by 1 July 2012. However, the regulator says that for the first 12 months of the implementation it will not look to strictly enforce the guidelines, providing the industry with &#8216;breathing room&#8217; [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,270],"tags":[],"class_list":["post-13665","post","type-post","status-publish","format-standard","category-compliance-regulation","category-remuneration"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/13665","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\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=13665"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/13665\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=13665"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=13665"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=13665"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}