The Corporations Act regulation implementing Clive Palmer's desired changes to financial advisers’ statements of advice (SOAs) has been repealed.
Governor-General Sir Peter Cosgrove has today issued a legislative instrument – on the instruction of finance minister Mathias Cormann – which will repeal the changes to SOAs agreed to as part of the now-defunct deal with the Palmer United Party on FOFA.
Under the deal struck in July, the government agreed to enact a regulation requiring SOAs to explicitly list adviser requirements including the best interest duty, disclosure of fees, a 14-day cooling-off period for financial products and the ability for clients to change adviser instructions.
The FPA issued a statement welcoming the move, with CEO Mark Rantall describing the repeal as a “good outcome” for the financial planning profession.
“We always believed that the changes put forward were already a requirement, and therefore a duplication,” Mr Rantall said. ”To this end, the appropriate consumer protections remain in place.”
A legislative instrument has also been issued which will see the grandfathering amendments agreed to by the major parties become law.
Both legislative instruments will take effect from 16 December.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 16 Mar 2018CBA CEO pushed for FOFA extensionBy James Mitchell and Aleks Vickovich
- 16 Mar 2018CPA dealer group clashes with FASEA requirementsBy Katarina Taurian
- 16 Mar 2018NAB launches virtual assistant for superBy Staff Reporter
- 15 Mar 2018IFA-focused platforms open to new strategiesBy Staff Reporter
- 15 Mar 2018Deakin eyes advisers to fill staff demandBy Killian Plastow
- 15 Mar 2018Adviser Innovation Summit 2018 agenda announcedBy Staff Reporter
- view all