{"id":29816,"date":"2015-06-01T10:53:51","date_gmt":"2015-06-01T00:53:51","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=29816"},"modified":"2025-05-28T16:52:01","modified_gmt":"2025-05-28T05:52:01","slug":"frydenberg-outlines-advice-reform-priorities","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2015\/06\/01\/frydenberg-outlines-advice-reform-priorities\/","title":{"rendered":"Frydenberg Outlines Advice Reform Priorities"},"content":{"rendered":"<p><span style=\"line-height: 1.5em;\">Further refinements to the Future of Financial Advice (FoFA) regime, along with a model for improving adviser competency, are being sought by the Government, Assistant Treasurer, <strong>Josh Frydenberg<\/strong>, has confirmed.<\/span><\/p>\n<p><!--more--><\/p>\n<figure id=\"attachment_29343\" aria-describedby=\"caption-attachment-29343\" style=\"width: 150px\" class=\"wp-caption alignright\"><a href=\"https:\/\/riskinfo.com.au\/news\/files\/2015\/04\/Josh-Frydenberg.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-29343\" src=\"https:\/\/riskinfo.com.au\/news\/files\/2015\/04\/Josh-Frydenberg.jpg\" alt=\"Assistant Treasurer, Josh Frydenberg\" width=\"150\" height=\"180\" \/><\/a><figcaption id=\"caption-attachment-29343\" class=\"wp-caption-text\">Assistant Treasurer, Josh Frydenberg<\/figcaption><\/figure>\n<p>Addressing the 2015 Annual Stockbrokers Conference in Sydney last week, Mr Frydenberg said while he was not in a position to announce the proposed FoFA refinements, the Government is seeking to make \u201ctime-critical\u201d changes by 1 July 2015.<\/p>\n<p>\u201cWe do not intend to re-litigate past debates on these laws. However, we are working on a bipartisan basis to progress a handful of technical refinements, which will ensure FoFA operates as intended,\u201d Mr Frydenberg said.<\/p>\n<p>In addition, the Assistant Treasurer said that there was \u201ca clear consensus for reform\u201d across adviser competency and education standards.<\/p>\n<p>\u201cIn April, I chaired a roundtable that included the Stockbrokers Association and other peak industry bodies, consumer groups, respected academics, and the chairman of the Australian Securities and Investment Commission, <strong>Greg Medcraft<\/strong>.<\/p>\n<blockquote><p>I think everyone recognises that now is the time to act<\/p><\/blockquote>\n<p>\u201cAll participants agreed that we need to lift industry standards, and I believe they did so because we all understand the important role that this industry plays in Australia,\u201d he said.<\/p>\n<p>Mr Frydenberg noted there appeared to be widespread industry support for many elements of the model, as well as the need for a sensible transition, strong governance, sustainable funding and enduring reform.<\/p>\n<p>\u201cWe believe this is an important piece of reform, and as such we want to take the necessary time to consult and consider it very carefully.<\/p>\n<p>\u201cHowever, pleasingly, I think everyone recognises that now is the time to act. For this reason, we are moving swiftly to settle our policy position and provide the industry with a clear roadmap as soon as possible,\u201d Mr Frydenberg said.<\/p>\n<p>The Government will continue to consult on changes to adviser standards until the end of June 2015.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Further refinements to the Future of Financial Advice (FoFA) regime, along with a model for improving adviser competency, are being sought by the Government, Assistant Treasurer, Josh Frydenberg, has confirmed.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,241],"tags":[],"class_list":{"0":"post-29816","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-compliance-regulation","7":"category-conferences-and-events","8":"headers-new"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/29816","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=29816"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/29816\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=29816"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=29816"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=29816"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}