SPAA welcomes FOFA implementation delay
Financial advisers and other specialists specialising in delivering advice around SMSFs will welcome the additional preparation time delivered by the Government's decision to delay formal implementation of the Future of Financial Advice changes for 12 months.
The chief executive of the Self-Managed Super Fund Professionals' Association (SPAA), Andrea Slattery, welcomed last week's announcement that FOFA would not be formally applied until 1 July 2013.
"The deferral date is a sensible approach, given other major changes that are taking place in the financial services industry," she said.
"We are pleased to see that the Government is prepared to introduce the reforms in good time. The extension will be a relief to SMSF advisors, auditors and accountants as they will now have adequate time to prepare for the reforms."
However, at the same time as welcoming the transition period, Slattery said SPAA required clarity around whether the extension covers all FOFA Peak Consultation Group reforms (including the Accountants' Exemption and Auditor Registration), and also the FOFA Expert Advisory Panel issues such as competency standards and SMSF specialisation.
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