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.
When the revolution comes lawyers are first against the wall. Accountants and SMSF property sprukers next.
What about some courses on managing peoples money or have we forgotten about that lately…oh that’s right, that’s not in our job description anymore. All I have seen for months now is compliance updates and how to meet FoFA obligations. When are we going to get back to the fundamentals of our job?
I did an SOA yesterday and spoke to a new client…..not sure how they got through to me. I’m on compliance leave.