FPA asks for a one-year transition on FOFA
The Financial Planning Association (FPA) has asked the Government to allow a one-year transition timeframe for the implementation of the Future of Financial Advice (FOFA) reforms.
Speaking at the Senate Economics Committee Hearing, FPA general manager policy and government Dante De Gori said the association supported the majority of the FOFA reforms and the intent behind them.
However, he told the committee that rushing to implement FOFA changes could result in unintended consequences.
"In order to ensure the reforms are implemented accurately while ensuring the reforms are workable and facilitate a vibrant industry to provide quality advice going forward, we would recommend that the Government announces a one-year transition timeframe," De Gori said.
"We believe this would allow all financial planners the time needed to implement these reforms in a transparent and efficient way," he added.
The Senate Economics Legislative Committee, chaired by Senator Mark Bishop, held a two-day hearing to collate and examine submissions from prominent industry stakeholders about the FOFA bills as tabled in Parliament late last year.
The FPA was represented by De Gori and the association's chief professional officer Deen Sanders, while the FPA chief executive Mark Rantall attended the Super Roundtable, chaired by Minister for Financial Services and Superannuation Bill Shorten.
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.
