ASIC to take ‘measured approach’ to FOFA transition
The corporate regulator will be appreciative of the compliance burden now facing financial advisers, putting in place a seven-month transition period following the Senate’s FOFA vote.
Following last night’s vote in the federal parliament’s upper house, ASIC issued a statement clarifying its course of action regarding FOFA compliance.
“ASIC will take a practical and measured approach to administering the law as it now stands following the disallowance of the Corporations Amendment (Streamlining Future of Financial Advice) Regulation 2014,” the statement said.
“We will take into account that – as a result of the change to the law that applies to the provision of financial advice – many Australian financial services (AFS) licensees will now need to make systems changes. ASIC recognises this issue may arise in particular areas, including fee disclosure statements and remuneration arrangements.
“We will work with Australian financial services licensees, taking a facilitative approach until 1 July 2015.”
Vanguard expands executive team
Investment manager Vanguard has named three new appointments to lead its Austral...
Advisers to embark on FPA charity bike ride
Financial planners will set off later this week on a charity bike ride as part o...
Adviser slams ‘cone of silence’ around intra-fund advice
A Perth-based adviser with more than 30 years’ experience has written to the P...