{"id":14769,"date":"2012-03-15T09:55:37","date_gmt":"2012-03-14T23:55:37","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=14769"},"modified":"2012-03-15T10:14:34","modified_gmt":"2012-03-15T00:14:34","slug":"fofa-compliance-will-be-delayed-to-2013","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2012\/03\/15\/fofa-compliance-will-be-delayed-to-2013\/","title":{"rendered":"FoFA Compliance Delayed to 1 July 2013"},"content":{"rendered":"<p>Industry will have until 1 July 2013 to comply with the new Future of Financial Advice (FoFA) legislation, Minister <strong>Bill Shorten<\/strong> announced today.<\/p>\n<p><!--more-->Mr Shorten advised that while the reforms will commence from 1 July 2012, as originally planned, the application of the provisions will be voluntary until 1 July 2013.<\/p>\n<p>&#8220;This means that any business who wants to start complying with the reforms from 1 July 2012 will have the opportunity to do so,&#8221; Minister Shorten said. &#8220;From 1 July 2013, the entire industry will be required to comply.&#8221;<\/p>\n<p>The Minister explained that the decision to review the implementation timetable came as a result of concerns raised by the business and financial planning community.<\/p>\n<p>&#8220;This timetable also balances consumer needs, as it gives early industry movers the opportunity to provide commission-free products from 1 July 2012,&#8221; he said.<\/p>\n<p>Mr Shorten added that the new mandatory commencement date would lower industry implementation costs because companies would be able to synchronise their FoFA and Stronger Super reforms preparations.<\/p>\n<p>The FoFA legislation is currently awaiting debate in the House of Representatives.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Industry will have until 1 July 2013 to comply with the new Future of Financial Advice (FoFA) legislation, Minister Bill Shorten announced today.<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-14769","post","type-post","status-publish","format-standard","category-compliance-regulation"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/14769","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=14769"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/14769\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=14769"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=14769"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=14769"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}