On 15 March 2012 the Minister for Financial Services and Superannuation announced that the Government would amend the Corporations Amendment (Future of Financial Advice) Bill 2012 and the Corporations Amendment (Further Future of Financial Advice Measures) Bill 2012 to implement a smoother transition for the Future of Financial Advice (FoFA) reforms.
Under the revised arrangements, the FoFA reforms will be mandatory from 1 July 2013. From 1 July 2012, a person can voluntarily elect to comply with the FoFA reforms by lodging a notice with the Australian Securities and Investments Commissions.
The amendments relate to the third reading of the Bills as passed by the House of Representatives on 22 March 2012. The Government intends to introduce these amendments in the Senate during the winter parliamentary sitting period.