FOFA Changes, you're still protected by working with the right advisers!
Great to see the FOFA Regulations remain intact and deliver on the Governments promise to amend the FOFA laws, which include:
• Removing clause ‘g’ in the safe harbour steps
• Allowing for Scaled Advice within the Best Interest Duty
• Removal of Opt-In
• Removal of retrospective FDS
• Maintain the ban on commissions for general and personal financial advice on investments and superannuation
• Fixing of grandfathering arrangements so financial planners can change licensees and sell their business.
The FoFA Regulations are law and will remain in place until 31 December 2015 – meaning that the Government will still need to pass legislation to permanently change the FoFA laws. Don't believe all the hype about these reforms reducing consumer protection. There are many powerful and cashed up sources with vested interests trying to fight this by spending their members money on very expensive ads....