Doubts build around FOFA timetable
Industry leaders believe the degree of complexity the Federal Government has injected in to the FOFA legislation means it may not be possible to implement by July 1 next year. The warnings, made at a Money Management roundtable discussion, come amid continuing lobbying of key independents about the Government's flawed approach and a growing feeling that time is not on the industry’s side. This and more in the latest online edition of Money Management.
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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.
