Financial inquiry and future of financial advice (FOFA) changes on the way (Australia)

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The Assistant Treasurer, Arthur Sinodinos, took the opportunity at the Association of Australian Financial Advisers’ National conference this month to announce the government will be undertaking a financial services inquiry. The Assistant Treasurer has described the inquiry as ‘an agent for growth – not a vehicle for regulation.’

The Assistant Treasurer also spoke of the government’s support of the principles of the FOFA reforms. However, he noted the government’s commitment to remove the ‘opt-in requirements’ and review the remuneration arrangements for insurance. Senator Sinodinos has flagged that the government will announce shortly the process by which it ‘will discuss, listen and work through the FOFA issues with stakeholders.’

We will keep you updated about any further announcements.

For the transcript of the Assistant Treasurer’s speech please click here.


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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