Cormann calls for FOFA delay
The Federal Opposition has called on the Government to delay the implementation of its Future of Financial Advice (FOFA) legislation.
Shadow Assistant Treasurer, Senator Mathias Cormann said such a delay was necessary to allow appropriate industry transition.
Addressing a financial services luncheon in Sydney, Cormann expressed concern about the workability of the existing 1 July 2012 implementation time table.
He said the opposition would be closely examining each aspect of the FOFA bills as they move through the Parliament.
Cormann said the Coaltion would be moving amendments to make FOFA better.
AUTHOR
Mike Taylor
Recommended for you
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.
Compliance professionals working in financial services are facing burnout risk as higher workloads, coupled with the ever-changing regulation, place notable strain on staff.
