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ARTICLE · 29 MARCH 2012

Future of Financial Advice Reforms

Norton Rose Fulbright Australia
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The Future of Financial Advice reforms are placed to take effect from 1 July 2012.

AustraliaCorporate/Commercial Law
Marnie McConnell
Marnie McConnell
Amie Crichton
Amie Crichton
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The Future of Financial Advice reforms are placed to take effect from 1 July 2012. The impetus for the changes is improved transparency and increased access to financial advice. Both were concluded to be necessary by the Federal Government's 2009 'Ripoll Inquiry'. Following the introduction into Parliament of Bills seeking to implement the reforms, the question is whether the legislation will be enough to meet the 'Ripoll Inquiry's' focus of rehabilitating the public perception of the industry.

In our June 2011 Insurance & Financial Services Bulletin, we outlined the Federal Government's proposed Future of Financial Advice (FOFA) reforms. Since then, the Federal Government has released, in two separate tranches, Bills seeking to implement these reforms. On 13 October 2011, the Corporations Amendment (Future of Financial Advice) Bill 2011 was introduced into Federal Parliament. This was followed on 24 November 2011 by the introduction into Parliament of

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