Many licensees and practices remain unclear about what is expected under the reforms and are yet to contemplate the implementation of requirements, according to Pathway Licensee Services.
“I think that, conceptually, advisers understand the spirit of the legislation but what they’re asking us for is tools,” Kate Humphries, general manager of Pathway, told ifa.
Pathway has released its FOFA Program and Pack for small, medium and large licensees, which ultimately provides guidance for the licensee and adviser market.
It consists of consulting services, new and updated policies and procedures and adviser manuals and tools, including a fee disclosure template, Pathway said.
The release of the FOFA Program and Pack follows ASIC’s release of RG 246 which outlines conflicted remuneration, the “final piece of the FOFA puzzle”, according to Humphries.
“I think that a lot of people have been sitting on their hands waiting for ASIC to provide further guidance,” Humphries said.
“We didn’t feel in a position to release the guidance that our clients have been asking for until we had the final piece of regulation from ASIC.”
Humphries said Pathway was planning to deliver guidance to the market nine months ago, but weren’t in a position to give “definitive” guidance without the final regulatory guidance from ASIC.
The silence from ASIC will be (currently is) Deafening. ASIC wont release any more guidance, its now up to the brains tank of the financial services industry to try to navigate the complex rules whilst trying to survive financially themselves. I know 2 financial advisers that are unemployed under these excessively onerous rules and are themselves contemplating early retirement.
Sad really……we’re supposed to be guiding our clients with complex scenarios and life changing circumstances, but now we’re trying to survive ourselves. Where’s the client focus again?