Exposure Draft - Corporations Amendment (Future of Financial Advice) Bill 2011
On 26 April 2010, the Government announced the Future of Financial Advice (FOFA) reforms. The reforms are aimed at enhancing consumer protection and raising trust and confidence in the financial advice industry.
The exposure draft provides the legislative detail around key FOFA measures, including the statutory best interests duty, compulsory renewal requirement (opt-in), and the enhancement of ASIC’s powers. The Explanatory Material (EM) explains, in broad terms, how these parts of the reforms will apply to advice businesses and consumers.
The exposure draft and EM are being released today as part of the public consultation process to provide interested parties with an opportunity to comment.
Submissions for this consultation closed on Friday, 16 September 2011.
A total of 47 submissions have been recieved in response to the draft legislation. 3 submissions are confidential, and the remaining 44 are public, which are listed below.
|Assocation of Financial Advisers Ltd.||132KB|
|Association of Superannuation Funds of Australia||58KB||395KB|
|Australasian Securities Dealers Association||386KB||31.8MB|
|Australian Bankers' Assocication Inc.||251KB|
|Australian Financial Markets Association||164KB|
|Australian Institute of Superannuation Trustees||677KB||5.63MB|
|Bongiorno Wealth Management||1.03MB|
|Burrel Stockbroking & Superannuation||29KB|
|Chartered Secretaries Australia||85KB|
|Choice, COTA, Consumer Action Law Centre, NICRI, Australian Investors Association (Joint Submission)||282KB|
|Corporate Super Specialist Alliance||53KB||1.42MB|
|CPA Australia, Institute of Chartered Accountants in Australia, Institute of Public Accountants (Joint Submission)||532KB|
|Crossborder Super Specialist Alliance||20KB||44KB|
|Fiducian Portfolio Services||57KB|
|Financial Planning Association of Australia||368KB|
|Financial Services Council||80KB|
|Henry Davis York Lawyers||401KB|
|Industry Super Network||194KB||586KB|
|Insurance Council of Australia||112KB|
|Johnson Winter Slattery Lawyers||139KB|
|Law Council of Australia||297KB|
|Lifenet Financial Advice||82KB||453KB|
|Mallesons Stephen Jaques||219KB|
|National Insurance Brokers Association||425KB|
|Nehme, Dr Marina - University of Western Sydney||154KB||104KB|
|Rubicon Financial Services||42KB||60KB|
|Self-managed Super Fund Professionals' Association of Australia||1.55MB|
|Serpell, Andrew - Monash University||38KB||60KB|
|Stockbrokers Assocation of Australia||281KB|
|University of New South Wales||102KB||185KB|
The opinions expressed in the submissions are those of the authors and do not necessarily reflect the views of the Government or the Treasury.