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ARTICLE · 21 JULY 2012

Corporations Financial Services Reforms

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In 2009, a Parliamentary Joint Committee inquiry was conducted into financial products and services in Australia.

AustraliaFinance and Banking
Nicole Tyson
Nicole Tyson
Hayden Martin
Hayden Martin
Philip Stern
Philip Stern
Alec Bombell
Alec Bombell

In 2009, a Parliamentary Joint Committee inquiry was conducted into financial products and services in Australia following the collapse of companies including Storm Financial and Opes Prime. In response, the Government introduced the Future of Financial Advice (FoFA) reforms which commenced on 1 July 2012, with the view of improving investor protection and the quality of financial advice.

The reforms are voluntary until 1 July 2013. The reforms only apply to financial advice provided to retail clients.

The legislation implementing the reforms comprises two separate but related bills:

  1. Corporations Amendment (Future of Financial Advice) Bill 2011

  2. Opt-in and Fee Disclosure provisions

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