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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.

Making a Submission

Interested parties are invited to comment on the consultation papers.

While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.

All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.

Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.

Closing date for submissions: Friday, 9 June 2017

Address written submissions to:

Manager
Financial Services Unit
Financial System Division
The Treasury
Langton Crescent
PARKES ACT 2600

For enquiries please call Neena Pai on +61 2 6263 2111.

Key Documents

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