Unless regulatory guidance on the impact of FOFA on corporate superannuation specialists is released by the government today, this sector of the advice industry is under serious threat, the Association of Financial Advisers has warned.
While hopeful of guidance from regulatory authorities, Mr Latto conceded that the lenghty period of silence on the matter and the events in Canberra over the past week may make the prospect less likely.
Shadow minister for financial services and superannuation Mathias Cormann joined his voice to the chorus of those calling for a FOFA extension yesterday.
"The implementation of FOFA and Stronger Super clearly should be extended by 12 months,” the senator said.
"The government's disjointed and chaotic handling of complex FOFA and Stronger Super legislation means that financial services businesses across Australia will not be in a position to comply from next Monday.
"It is highly undesirable to have large numbers of financial services providers forced into a situation where they have no chance but to be non-compliant.”
The ifa Excellence Awards are back in 2021 and nominations are now open! This prestigious accolade recognises exceptional professionals within the financial advice industry, shining a light on the outstanding achievements from the nation's best and brightest. If this sounds like you or someone you know, then nominate today for the ifa Excellence Awards 2021!
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