FOFA bill and regulations released for public consultation

By Richard Batten

The industry’s collective breath-holding exercise is finally coming to an end. Ever since the election last year, we have been awaiting details of the federal government’s proposed amendments to the Future of Financial Advice (FOFA) regime. That day has dawned with the release of a consultation draft of a bill and regulations that give effect to the reforms announced on 20 December 2013.

Submissions on the government’s proposals are due by 19 February 2014. The government plans to make the regulations at the end of March 2014 and to introduce the bill into parliament at about the same time, to be passed during the winter sitting of parliament (May to July 2014).

The draft regulations propose the following amendments in relation to conflicted remuneration…

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