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FOFA amendments open for consultation

The federal government has released draft regulations, seeking public consultation on the promised amendments to the Future of Financial Advice.

In a statement released today, Assistant Treasurer Arthur Sinodinos announced the release of draft regulations and legislation – in the form of the new Corporations Amendment (Streamlining of Future of Financial Advice) Bill 2014 – indicating good progress on the timeline set by the government in November.

The statement said the government now intends to implement a number of “time sensitive” measures outlined in the regulations “as soon as possible”, while other amendments will need to go to a parliamentary vote to be amended via the primary legislation.

Industry stakeholders are invited to submit consultation papers responding to the draft regulations over the next three weeks, with submissions closing 19 February.

The newly-released draft regulations and legislation can be found here: http://futureofadvice.treasury.gov.au/content/Content.aspx?doc=consultation/fofa_amendments/default.htm