Government announces its proposed changes to the FOFA reforms

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As anticipated, the Assistant Treasurer has announced the reforms to the FOFA legislation the government will introduce.  The reforms include removing the ‘opt-in’ requirement as foreshadowed pre-election.  The reforms also include changes to the annual fee disclosure, scaled advice and the exemption of general advice from conflicted remuneration.  There are also changes to the grandfathering provisions.

The Assistant Treasurer says  “I am confident that these reforms will ensure that the integrity of the financial advice framework is maintained whilst delivering a system that offers affordable and accessible financial advice to the Australian community.”

In an interview with ABC’s business editor, Peter Ryan, the Assistant Treasurer says there will be ‘plenty of opportunity’ during the Parliamentary process for people to ‘debate the merits’ of these reforms.

For more information please see the Assistant Treasurer’s press release http://axs.ministers.treasury.gov.au/media-release/011-2013/

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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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