FOFA: The nuts and bolts

Wednesday 01 October 2014

Your complete guide to the Future of Financial Advice (FOFA) reforms

Macquarie has a dedicated website to provide financial services professionals with accurate, up-to-date information about the Australian Government’s Future of Financial Advice (FOFA) reforms.

FOFA: The nuts and bolts – Your guide to the reforms provides coverage on the implementation of the reforms, their practical implications, compliance obligations and the support Macquarie can provide.

Introduced as a Government response to the Parliamentary Joint Committee on Corporations and Financial Services' Inquiry into financial products and services, the FOFA reforms are designed to improve the quality of financial advice in Australia and to enhance retail investor protection.

What Macquarie’s FOFA website covers

Macquarie’s FOFA website provides information on the following aspects of the FOFA reforms:

  • Latest news – the latest FOFA-related updates, including progress of legislative developments and regulator guidance.
  • Key dates – when legislation came into effect and the dates for compliance with the opt-in requirements and disclosure of ongoing fee arrangements, and the ‘FOFA application date’.
  • The rules – provides commentary and guidance on client disclosure, the best interests duty and conflicted remuneration, information on the finalisation of developments, regulator guidance available and much more.
  • Penalties – the potential implications of non-compliance, anti-avoidance measures and the increased supervisory powers of ASIC.
  • Licensing – the implications of FOFA on adviser licensing, including the increased obligations under the Tax Agent Services regime and the exemption and limited licenses available for accountants.
  • How Macquarie can help your business – Macquarie can help advisers with their FOFA compliance obligations through our innovative platforms, practice management services, targeted advice and process models.

Visit Macquarie’s ‘FOFA: The nuts and bolts’ website Macquarie's FOFA: The nuts and bolts' website.

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