The Minister for Finance Mathias Cormann has put a temporary freeze on changes to FOFA legislation.
Senator Cormann took over responsibility for the policy last week, following the stepping aside of Assistant Treasurer Arthur Sinodinos.
“I’ve just got in the job and have decided to pause the process on the FOFA regulation to enable me to consult in good faith with all relevant stakeholders before pressing the go button on our changes,” he told The Australian Financial Review.
“We remain committed to implement the improvements to FOFA which we took to the last election as soon as possible.”
Industry Super chief executive David Whiteley said this intervention of the minister was a “timely circuit breaker and a victory for common sense.”
“Minister Cormann should be congratulated for this intervention. A return to consensus and industry agreement is exactly what the public and the industry needs.”
SUBSCRIBE TO THE IFA DAILY BULLETIN
11 Dec 2017Insurance engagement driven by advisersBy Jessica Yun
11 Dec 2017Kaplan pushes for new CPD regimeBy Staff Reporter
11 Dec 2017Senate approves AFCA billBy Annie Kane
11 Dec 2017Treasury reassess early super release rulesBy Miranda Brownlee
8 Dec 2017Dunsford embarks on acquisition huntBy Killian Plastow
8 Dec 2017ASIC reaffirms interest in reference check protocolsBy Killian Plastow
- view all