Too many loose ends as FOFA deadline looms
With just 75 days to go before the Future of Financial Advice (FOFA) changes are implemented, there are still too many loose ends and unknowns which are stressing financial planning principals, according to Association of Financial Advisers chief executive, Brad Fox.
Fox has told Money Management that there is deep concern within the financial planning community about the level of uncertainty still remaining around the regulatory guidelines evolving out the FOFA changes.
"It is not as though our industry is on a go-slow or not working towards getting everything in place for 1 July, 2013, but the simple facts of the matter are that there are still things which remain uncertain," he said. "Our members definitely need more clarity around the regulatory detail because there is only so much you can do in the absence of that detail."
Mr Fox said the AFA was also supportive of the Financial Planning Association's call for there to be a further delay to the implementation of the Tax Agent Services Act (TASA) until after the election.
He said that when the impact of implementing the FOFA changes were taken into account with the TASA requirements, it represented a heavy workload for the planning industry.
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.
