Future of Financial Advice
Welcome to the website for the Future of Financial Advice (FOFA) reforms. FOFA became mandatory on 1 July 2013 (and was voluntary from 1 July 2012).
The objectives of FOFA are to improve the trust and confidence of Australian retail investors in the financial services sector and ensure the availability, accessibility and affordability of high quality financial advice
On 20 December 2013, the Government announced a package of changes to FOFA to implement its election commitment to reduce compliance costs and regulatory burden on the financial services sector. The changes are aimed at ensuring the integrity of the financial advice framework is maintained whilst delivering a system that offers affordable and accessible financial advice to the Australian community. On 20 June 2014, the Government announced the final package of changes to FOFA.
The Government’s amendments were implemented through the Corporations Amendment (Streamlining Future of Financial Advice) Regulation 2014. The Regulation commenced on 1 July 2014.
The Corporations Amendment (Streamlining of Future of Financial Advice) Bill 2014 was introduced into Parliament on 19 March 2014. Interim regulations (that is, those replicated in the Bill) will be repealed once the Bill passes the Parliament.