Conclusion: FOFA Checklists

In view of the complexities of the FOFA reforms, and their breadth and scope, AFS licensees and their representatives will need to take steps to ensure that:

• Where the AFS licensee or its authorised representatives provide personal advice to retail clients:
• policies/procedures and client documents (fact finders; SoAs etc¡K) are amended to demonstrate compliance with the best interests duty and enable reliance on the "safe harbour";
  • APLs are reviewed and policies regarding use of APLs and selection of investments for retail clients are amended;
  • grandfathered clients have been identified;
  • an assessment of whether an ASIC exemption from the "opt-in" obligations is required, has been undertaken; and