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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)

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