The Future of Financial Advice (FoFA) legislation is proposed to become law on 1 July 2012, however, there will be a one year transition period until the reforms become mandatory on 1 July 2013. FoFA will fundamentally reshape the financial services industry. If passed in their current form, the two FoFA Bills will introduce a number of bans relating to conflicted remuneration and other payments. They will also include a statutory best interests obligation and an opt-in regime for ongoing advice fees for Australian financial services licensees that provide personal financial advice. For more information on FoFA, click here.
King & Wood Mallesons FoFA team
King & Wood Mallesons has a dedicated team of FoFA specialists that has been focusing on FoFA since it was first announced. We are working with our clients to restructure their remuneration arrangements and are advising them on the broader implications of FoFA for their businesses.
Our team has also participated on many industry working groups on FoFA, written submissions and been involved in discussions with Ministers, Treasury and ASIC on drafting and policy issues.
King & Wood Mallesons FoFA toolkit
King & Wood Mallesons has developed a FoFA toolkit designed to assist our clients to determine how the FoFA reforms will impact their business. The toolkit identifies FoFA compliance issues – particularly around banned remuneration. It also includes tips for complying with new duties.
For more information about the FoFA toolkit, click here.
Click here to listen to the BRR media interview about the FoFA reforms.