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Future of Financial Advice - Post Implementation Review

19 May 2017 | Consultation Paper

Treasury is seeking stakeholder submissions on a Consultation Paper prepared as part of a Post Implementation Review (PIR) in relation to the following five measures enacted as part of the Future of Financial Advice (FoFA) reforms.

  • the ban on up-front and trailing commissions and like payments for both individual and group risk insurance within superannuation.
  • the requirement for advisers to renew client agreement to ongoing advice fees every two years (opt-in regime).
  • the ban on soft dollar benefits over $300 per benefit.
  • the limited carve-out for basic products from the ban on certain conflicted remuneration structures and best interests duty; and
  • the clarification provided in relation to access to scaled financial advice.

This consultation paper covers each of these regulations separately and examines the effects they have had on industry and consumers using the Regulatory Burden Measurement Framework.

Treasury is seeking submissions from stakeholders who have been affected by these regulations to assist with identifying and assessing the impacts of the regulations and quantifying compliance costs, where relevant.

Submissions closed on Friday 9 June 2017

Key Documents

  • Consultation Paper 766KB
Ref Num: {3FF157BF-026D-4673-BFB0-85CFF8383137}
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