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AFA calls for factual FOFA debate

The Association of Financial Advisers (AFA) has expressed disappointment at the delay in the release of the FOFA reforms.

The AFA welcomes the opportunity for debate to return to a facts-based discussion, rather than a rolling campaign of fiction and misrepresentation.

“We do wish to emphasise the importance of a timely solution for the grandfathering issue that is currently preventing advisers from moving from one licensee to another,” AFA chief executive Brad Fox said.

While waiting for the outcome of the Parliamentary Inquiry into the legislation, as released on 19 March 2014, and for the Minister to review the regulations, Mr Fox said there is now a window of opportunity for the reintroduction of facts and integrity into the FOFA amendments debate.

“It is surprising that sensible and pragmatic amendments have generated such vigorous debate and broad exposure,” he said.

“It is clear that the debate is now based upon what people think of the erroneous claims, rather than a detailed and informed analysis of the specific amendments.”

The AFA has released a summary of facts about the proposed amendments to FoFA and what they really mean for consumers and has also responded specifically to Industry Super Australia (ISA)’s claims that the FOFA amendments allow the return of 10 different commissions.