The Future of Financial Advice (FoFA) reform package was first announced by the ALP Government in April 2010, as a result of the Ripoll Inquiry report of 2009. Consultation on the package continued for well over a year before the first instalment of the draft legislation was released in August 2011.
Further consultation and parliamentary inquiries continued before the legislation was finally passed in the House of Representatives in March 2012. The FoFA legislation became law in June 2012 and came into effect for most advisers on 1 July 2013.
Following the election of the Abbott Government in 2013, FoFA Amendments were announced with some coming into force by regulation on 1 July 2014 - and later disallowed by the Senate in November 2014.
FoFA has had a significant impact upon the financial advice profession through the introduction of measures such as ‘best interest duty’ and the banning of conflicted remuneration. The AFA has been an active participant throughout this debate, having made many submissions to parliamentary inquiries, Treasury and ASIC.
25 Nov 2015 - AFA welcomes FoFA amendment
15 Sept 2014 - AFA Submission to Senate Economics Committee Inquiry on FoFA Amendments Legislation
30 April 2014 - AFA Submission to the Inquiry into the Provisions of the Corporations Amendments (Streamlining of Future of Financial Advice) Bill 2014
19 Feb 2014 - AFA Response to the Exposure Draft of FoFA Amendments
23 July 2013 - Submission on Grandfathering and the Impact of Advisers Changing Licensee
20 May 2013 - Treasury Response - FoFA Regulation on Further Stockbroking Exemptions
7 May 2013 - Treasury Response - FoFA regulation on Intra - Fund Advice
22 April 2013 - PJC Submission on Enshrining the term Financial Adviser
18 March 2013 - Treasury Submission on the Draft Grandfathering Regulation
21 December 2012 - Treasury Submission on Enshrining the term Financial Adviser
21 December 2012 - Treasury Submission on the Accountants Exemption
7 December 2012 - ASIC Submission on Codes of Conduct
9 November 2012 - ASIC Submission on: Conflicted Remuneration
26 September 2012 - ASIC Submission on: Consultation Paper 183, Scaled Advice
20 September 2012 - ASIC Submission on: consultation Paper 182, Best Interest Duty
28 June 2012 - Treasury Response, FoFA Batch 3
5 June 2012 - Treasury response. FoFA Regulations
24 February 2012 - PJC Proposed FoFA Reforms - Supplementary Submission
27 January 2012 - FoFA Submission to Senate Economics Committee
22 December 2011 - Response, PJC - Proposed FoFA Reforms
19 October 2011 - Tranche 2 , Proposed FoFA Reforms - Submission to Treasury
21 September 2011 - Tranche 1, Proposed FoFA Reforms - Submission to Treasury