Changes to the future of financial advice (FOFA) reforms on the horizon

Explore:  Australia FOFA Reforms

With the change of government on the weekend, we are anticipating changes to the FOFA reforms. In the "Coalition's policy to boost productivity and reduce regulation" it states that it will implement all 16 recommendations from the Parliamentary joint committee inquiry into the FOFA reforms including:

  • Complete removal of Opt-In.
  • The simplification and steamlining of the additional annual fee disclosure requirements.
  • Improving the best insterest duty.
  • Providing certainty around the provision and availability of scaled advice.
  • Refining the ban of commissions on risk insurance inside superannuation.

We are watching closely for the first trance of proposed changes and will keep the blog updated.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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