Advisers seek clarity on TASA and FOFA
The search by financial planners for clarification on the full requirements of both the Future of Financial Advice (FOFA) changes and Tax Agents Services Act (TASA) has been spotlighted by the Financial Planning Association (FPA)’s national roadshows.
The record attendee numbers at recently held events are a clear indication advisers are aware they need to be prepared for the 1 July legislative deadlines and are seeking support towards this goal, FPA general manager of policy and conduct, Dante De Gori said.
“The feedback from our 'Bulletproof’ roadshows in 2013 was that financial advisers wanted more information about TASA and FOFA and what was required of them in compliance terms,” said De Gori.
He said the aim of the current roadshows was to answer questions raised concerning the specifics of what planners need to do to be ready for the 1 July, 2014 implementation date.
“With the TASA extension granted to financial planners last year, we had more time as a profession to prepare for its implementation and to ensure members were equipped and ultimately in a position to deliver the best outcomes for consumers,” said De Gori.
The FPA is expecting over 2500 attendees nationally before the roadshows wrap up in south-east Melbourne on the 19 June.
Financial planners in Melbourne, Sydney, Brisbane, Darwin and several regional locations are still able to sign up to their local roadshows, which are free to attend.
Recommended for you
Licensing regulation should prioritise consumer outcomes over institutional convenience, according to Assured Support, and the compliance firm has suggested an alternative framework to the “licensed and self-licensed” model.
The chair of the Platinum Capital listed investment company admits the vehicle “is at a crossroads” in its 31-year history, with both L1 Capital and Wilson Asset Management bidding to take over its investment management.
AMP has settled on two court proceedings: one class action which affected superannuation members and a second regarding insurer policies.
With a large group of advisers expecting to exit before the 2026 education deadline, an industry expert shares how these practices can best prepare themselves for sale to compete in a “buyer’s market”.
