The government and opposition have reached an agreement on FOFA, with implications for advisers and licensees.
A statement issued just now from finance minister Mathias Cormann reveals that the two major parties have agreed to progress a slightly amended FOFA through the parliament before year’s end, delivering crucial relief on the issue of grandfathering.
The statement explains that regulations that were disallowed will now be re-made to include:
All other elements of the government’s amendment agenda will remain disallowed and the original FOFA legislation will stand.
Several firms have been impacted by the corporate regulator’s action.
Super funds must now have a retirement income strategy in place.
Vanguard has called for a complete overhaul of the advice industry.
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