Exposure Draft - FOFA Amendments

This consultation process has now been completed. Submissions available
Date
-
Consultation Type
Exposure Draft

Key Documents

Senator the Hon Arthur Sinodinos AO released draft legislation and draft regulations for consultation to implement the Government's election commitment to amend the Future of Financial Advice (FOFA) legislation.

On 20 December 2013, Senator the Hon Arthur Sinodinos AO announced a package of changes to FOFA, including:

  • removing the opt-in requirements;
  • removing the annual fee disclosure requirements for pre-1 July 2013 clients;
  • removing the 'catch-all' provision from the best interests duty;
  • explicitly allowing for the provision of scaled advice;
  • exempting general advice from the ban on conflicted remuneration; and
  • broadening the existing grandfathering provisions for the ban on conflicted remuneration.

The Government's intended approach is that time sensitive amendments will be dealt with through regulations, to the extent allowed under the relevant regulation-making powers, and then locked into legislation. Further detail is provided in the explanatory material to the draft legislation and draft regulations.

Submissions

50 submissions were received for this consultation.

AFM Advisers Pty Ltd - pdf 169.08 KB
ANU Wealth Services - pdf 357.3 KB
CB Financial - pdf 161.5 KB
Choice - pdf 251.55 KB
Ellis, Mr John - pdf 76.31 KB
Evans & Partners - pdf 2.2 MB
Healthy Finances - pdf 139.28 KB
Johnstone, Mr Bill - pdf 335.35 KB
Law Council of Australia - pdf 115.02 KB
Mercer - pdf 287.48 KB
Minter Ellison Lawyers - pdf 155.27 KB
Mulcare, Mr Martin - pdf 96.32 KB
Nehme, Dr Marina - pdf 193.18 KB
Ranasinghe, Mr Basil - pdf 9.09 KB
Super Advice Services - pdf 2.72 MB
Tuck, Ms Jo - pdf 165.73 KB
Wyatt, Mr George - pdf 9.47 KB