Beware FOFA misinformation, warns lawyer
While many advisers are demonstrating eagerness to comply with the Future of Financial Advice (FOFA) reforms, they need to ensure they have the right information to implement new systems, says financial services lawyer Claire Wivell Plater.
The Fold Legal’s managing director says that while she has detected an “encouraging” trend towards embracing the regulatory changes as the implementation date approaches, “word of mouth interpretations of the new requirements” should not be relied upon.
“We’re seeing a real willingness to embrace the changes and get on with business”, she said. “Unfortunately, while there is lots of information about the reforms out in the market place, there’s also a lot of non-technical opinion and interpretation.
“Advisers need to be sure that the changes they are making actually comply with the letter of the law.”
The Fold Legal recently released a range of online courses on FOFA compliance topics such as opt-in, fee disclosure and client engagement requirements, with further courses on conflicted remuneration and the best interests duty forthcoming.
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