Coalition has drafted FOFA changes
The Federal Coalition has signaled it has drafted the changes to the Future of Financial Advice (FOFA) legislation which would be implemented if the Coalition wins the next election.
Speaking at the Association of Financial Advisers (AFA) National Conference on the Gold Coast, the federal member for Moncrieff, Steven Ciobo, criticised the Federal Government for not finalising the FOFA regulations and for the lack of guidance coming from the Australian Securities and Investments Commission.
"We already have the legislative changes drafted and will work closely with organisations including the AFA," Ciobo said.
Shadow Minister for Financial Services Mathias Cormann sent a video message to the conference delegates, in which he promised the Coalition would implement 16 changes to the FOFA legislation.
"We will get rid of opt-in, streamline the annual fee disclosure requirements, we will improve the definition of the best interests duty and we will make sure that scaled advice can safely be provided by advisers across Australia," Cormann said.
"Beyond fixing FOFA we would like to work with you in the lead-up to the next election to identify opportunities of how we can further cut red tape, in particular in the financial services space."
Cormann added the Coalition was working on identifying $1 billion in annual savings for businesses through cutting red tape.
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