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Release of Paper for “Future of Financial Advice Commencing 1/07/2012”

By: admin|

Treasury released the second tranche of draft legislation on the FoFA reforms.
Signalling a welcome end to uncertainty for the financial planning profession, the draft rules feature:

  • the ban on commissions and other  volume-based payments to financial advisers,
  • the ban on soft-dollar benefits  to financial advisers,
  • the ban on volume-based      shelf-space fees to product platforms and
  • the ban on asset-based fees involving leverage.

Importantly, the Government has decided not to ban insurance commissions inside superannuation.

The Minister’s office has confirmed that further information regarding FoFA will be released in the coming weeks including:

  • Resolution on the replacement to the accountants exemption
  • Intra-Fund advice
  • Consultation paper on restricting the term financial planner

However,  we are still uncertain about when we will receive clarification on other details not specified in the draft legislation such as:

  • Final report on the last resort compensation scheme by Richard St John; and
  • Final report on the advisory panel on standards and ethics

For full report please see link below

http://futureofadvice.treasury.gov.au/content/consultation/corporations_further/downloads/FOFA_T2_Bill_EM.pdf


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