FOFA legislation timing drifts further
The first draft of the legislation flowing from the Government’s proposed Future of Financial Advice (FOFA) changes is now not likely to be made available until next month.
The Assistant Treasurer and Minister for Financial Services, Bill Shorten, confirmed the delay to the opening day of the Financial Services Council annual conference on the Gold Coast.
He told the conference that the Government was likely to respond to the Costello review findings in the last full week of August, with the draft FOFA legislation likely by September.
The later timing means that the legislative package that is ultimately introduced to the Parliament is unlikely to have cleared both the House of Representatives and the Senate much before the middle of next year.
The minister declared to the FSC conference that the Government remained committed to the two year “opt-in”, but was flexible with respect to individually advised risk commissions within superannuation.
Recommended for you
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.
The Senate economics legislation committee has recommended Schedule 1 of the Delivering Better Financial Outcomes legislation be passed as it is a “faithful implementation” of the recommendations.
Treasurer Jim Chalmers has handed down his third budget, outlining the government’s macroeconomic forecasts and changes to superannuation.
