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ARTICLE · 07 JUNE 2011

Future of Financial Advice Reform Details Released

Henry Davis York
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The Federal Government has provided the advice, funds management, superannuation and life insurance industries with further insights into the Future of Financial Advice reform package (FoFA), a major regulatory overhaul that was announced last year.

AustraliaFinance and Banking
Liz Gray
Liz Gray

The Federal Government has provided the advice, funds management, superannuation and life insurance industries with further insights into the Future of Financial Advice reform package (FoFA), a major regulatory overhaul that was announced last year.

The two key aspects of the Government's 28 April announcement are arguably concessions to an industry facing material operational, commercial and compliance challenges. The first is a ban on volume-based payments related to risk insurance which has been limited to insurance within superannuation, with a delayed start date of 1 July 2013. The second is the timing of the opt-in on the adviser charging regime which will now be every two years rather than every year.

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