atrk
logo mobile
Training Blog
aamc training blog

AAMC Training Group

AAMC offers you solutions based training and consulting options. Many Banks, Finance Brokers, Financial Planners, Dealer Groups, Accountants, Real Estate Agents and Insurance Brokers entrust AAMC to train their people with courses available for the whole of the financial services industry. Our consulting services are also popular for those wanting advice on how to improve their business and meet the ever changing regulatory environment. Contact AAMC Training Group today to discuss your current and future needs.

Future of Financial Advice (FOFA) Passes both houses of parliment. Implementation deadlines.

By: admin|

Last month, the Government’s approach to improving the quality of advice, strengthening investor protection and promoting trust and confidence in the financial planning industry became legislation with the passing of the Corporations Amendment (Future of Financial Advice) Bill 2012 and the Corporations Amendment (Further Future of Financial Advice Measures) Bill 2012 in the Senate.
Here is a summary of the reforms contained in the Bills and their respective compulsory start dates:

Reform Compulsory start date*
Anti-avoidance provisions 1 July 2012
Expansion of Australian Securities and Investments Commission’s (ASIC) licensing and banning powers 1 July 2012
Best interest duty 1 July 2013
Opt-in renewal of advice and annual fee disclosure 1 July 2013
Conflicted remuneration 1 July 2013
Banned remuneration 1 July 2013

* Industry players have the option to comply with the FOFA reforms earlier than the compulsory start date however they must give notice to ASIC first.  (Source AXA)


No comments. Be the first.

Leave a comment




Newsletter Signup
ARCHIVES
CATEGORIES
close

Subscribe to our Newsletter

* Mandatory Entry
First Name*
Last Name*
Phone*
Address*
Suburb*
Post Code*
State*
Country*