AFA welcomes FoFA amendment


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SYDNEY: 24 November, 2015 – The AFA welcomes the passing of the Corporations Amendment (Financial Advice Measures) Bill in the Senate with bipartisan support.

The increase from 30 days to 60 days for advisers to send Opt-in notices and Fee Disclosure Statements to clients is a pragmatic improvement to the legislation and better enables advisers to ensure that all information in the statements is accurate and appropriate for their clients.

AFA Chief Executive Brad Fox said, “The AFA has consistently requested this measure be adopted and we are pleased to see it pass through the Senate with bipartisan support.”

The AFA would also like to see the period for clients to return their opt-in notices increase from 30 to 60 days as a further practical improvement to the legislation.

“Presently consumers remain at risk of inadvertently not returning an opt-in notice before the deadline through travel, health, bereavement or other issues. To reinstate their relationship with their adviser will come at an additional cost to them for what could be a simple oversight,” said Mr Fox. “We will keep this on our reform agenda.”