Australia’s Future of Financial Advice regime commences

Australia’s Future of Financial Advice (FOFA) regime is in full swing as compliance became mandatory on 1 July this year. The most comprehensive reforms to ever affect the Australian financial advice industry, FOFA focuses on improving retail investor protection and confidence in financial advice.

Since commencement of voluntary compliance on 1 July 2012, government and industry have been working together to address the operational details of FOFA, including some unforeseen technical issues in the application of the legislation. For instance, there has been significant ongoing uncertainty in relation to the form of the grandfathering regime – final regulations dealing with this aspect were only made late on 28 June. The interpretation of the regime by the Australian Securities & Investments Commission (ASIC), which is the regulator responsible for enforcement, has also led market players to reconsider the scope of the regime…

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