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.”
After Labor has secured a somewhat surprising landslide win in the federal election, the FSC CEO said this will now be a ...
Platform executives are pushing for more advice revenue to be invested in advice tech capabilities, labelling the ...
Praemium has deemed financial advisers “critical” as high-net-worth investors’ hunger for alternative assets continues ...
Never miss the stories that impact the industry.
Get the latest news! Subscribe to the ifa bulletin