Government’s proposals to reform FOFA

Australia’s coalition government has announced that it will make good on its election promises to fix some of the problems of the Future of Financial Advice (FOFA) and more. Details of the government’s release are set out below.

The Australian Securities and Investments Commission (ASIC) has announced that it ‘will not take enforcement action in relation to the specific FOFA provisions that the government is planning to repeal’.

Key elements of the government’s proposals are as follows…

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