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FPA takes credit for FOFA changes

The FPA has claimed a “decisive victory” following the government’s announcement that it will go ahead with its amendments to the FOFA legislation.

FPA chief executive Mark Rantall said the organisation had campaigned hard over the last two years on key aspects of FOFA, most notably a "complete ban on commission on investments and superannuation products".

"The FPA will now lend its weight to seeing through the orderly implementation of today's FOFA announcement into law, and encourages its members to embrace the upside benefits of operating within a world's best consumer protection framework," said Mr Rantall.

"On behalf of the professional financial planners in Australia we welcome today's announcement by the minister, and acknowledge that reason, common sense and a robust democratic process has each done its job," he said.

"FOFA began as an ambitious sprint to transform our sector, became a four-year marathon bogged in detail and has ended as a smart-run victory to place the interests of all Australians first," said Mr Rantall.

The FPA expressed its "delight" about the removal of the opt-in requirement as well as retrospective fee disclosure statements.

"The FPA is particularly pleased with, and welcomes, the government's heeding of its recommendation to eliminate the so-called 'Wolf of Wall Street' clause within general advice, by removing any possible return of commissions on investments and superannuation products," said the FPA.