Future of Financial Advice reforms

Overview of FOFA reforms

Commencement of FOFA reforms

ASIC's facilitative approach to the new regime

Further background to FOFA reforms

ASIC consultation and guidance on specific FOFA topics including:
  • ASIC powers
  • Conflicted remuneration
  • Best interests duty
  • Scaled advice
  • Fees disclosure
  • Codes approval
  • Replacement of accountants’ exemption with a new limited Australian financial services licence.
  • Releases ASIC has issued on FOFA.

What's new

Update on financial advice institutions' fees for no service refund programs

AMP, ANZ, CBA, NAB and Westpac have now paid or offered customers $222.3 million in refunds and interest for failing to provide advice to customers while charging them ongoing advice fees. 18-229MR. 7 August

More financial services releases

ASIC industry funding

Last updated: 20/10/2014 12:00