King & Wood Mallesons

Asia-Pacific 100 position: 3

Reforming the reforms: government releases draft FoFA amending legislation

On 29 January 2014, the Treasury released exposure drafts of amendments to the Corporations Act and Corporations Regulations to implement the coalition government’s proposed changes to the Future of Financial Advice (FoFA) regime.

The changes are generally as expected. If the FoFA amendments are made in the form released on 29 January, they will provide an opportunity for financial services industry participants to reconsider previous positions, as certain benefits that are currently banned will be permitted.

The release of the draft legislation follows the announcement on 20 December 2013 by the assistant treasurer, senator the Hon Arthur Sinodinos AO, of the government’s intention to implement ‘a package of amendments to improve FoFA’…

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