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ASIC provides FOFA relief for Financial Planners

ASIC provide FOFA relief for Financial Planners

Further to the Government’s announcement today to amend  Future of Financial Advice (FOFA) legislation ASIC have released a press release to update their compliance on FOFA.

As part of their facilitative approach, ASIC will not take enforcement action in relation to the specific FOFA provisions that the Government is planning to repeal.

For example, ASIC will not take action on retrospective Fee Disclosure Statements(FDS), which requires an FDS to be provided to retail clients with ongoing fee arrangements entered into before 1 July 2013.

Please note that you are still required to comply with all of your FOFA obligations, however this announcement provides some relief if you are unable to provide an FDS to your pre-FOFA clients.

Read ASIC release-

http://www.asic.gov.au/asic/asic.nsf/byheadline/13-355MR+ASIC+Update+on+FOFA?openDocument

 

 


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