What now for the Financial Planning industry?
What now for the Financial Planning industry?
The Senate’s rejection of the wind-back of the Future of Financial Advice (FoFA) reforms will have serious consequences for the financial planning industry in Australia.
While the Australian Security and Investments Commission has advised it will take a ‘practical and measured approach’ in dealing with Australian Financial Services Licensees, we strongly recommend that planners review their systems and procedures to ensure compliance with the regime.
Issues facing AFS Licensees may include:
- compliance with the ‘opt-in’ requirements for clients who entered into ongoing fee arrangements after 1 July 2013;
- provision of fee disclosure statements to clients who entered into ongoing fee arrangements before 1 July 2013;
- the continuation of the ‘best-interest’ duty;
- the continuation of the ban on conflicted remuneration on general advice.
The Ballantyne Law Group is able to work with AFS Licensees to ensure that they are compliant with the FoFA regime as it currently stands. Contact us on (07) 5606 7332 to discuss.
