AFA and FSC link on FOFA forum
Just weeks after the passage of the Future of Financial Advice (FOFA) bills through the Federal Parliament, the Association of Financial Advisers (AFA) and the Financial Services Council (FSC) have joined forces to deliver a forum on the implications of the changes for licensees and financial planners.
The forum, to be held on 1 May, will be addressed by Australian Securities and Investments Commission (ASIC) commissioner, Peter Kell, and is intended to spell out the operating environment likely to be encountered by the planning industry once the legislation and consequent regulations are in place.
Commenting on the forum, AFA chief executive, Richard Klipin, said it had made sense for the FSC and the AFA to joint together to talk to licensees in the context of the evolving regulatory environment.
"Obviously, a lot of things occurred last month as the FOFA bills went through the Parliament and the FSC and AFA believe it is important that we deliver this type of forum for the benefit of those most affected," he said.
Recommended for you
The Reserve Bank of Australia (RBA) has lowered rates to a level not seen since mid-2023.
Financial Services Minister Stephen Jones has shared further details on the second tranche of the Delivering Better Financial Outcomes reforms including modernising best interests duty and reforming Statements of Advice.
The Federal Court has found a company director guilty of operating unregistered managed investment schemes and carrying on a financial services business without holding an AFSL.
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
