Future of Financial Advice

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.

Consultation Documents

Explanatory Memorandum 183KB 447KB
Exposure Draft 69KB 4.7MB


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.

Abacus 83KB  
AMP 213KB 5.63MB
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
Bailey, Sonnie 90KB  
Bell Potter 200KB  
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  
HPH Solutions 27KB 39KB
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  
Maurice Blackburn 311KB  
Maurice Blackburn 454KB 1.00MB
McCullough Robertson 174KB  
Minter Ellison 156KB  
National Insurance Brokers Association 425KB  
Nehme, Dr Marina - University of Western Sydney 154KB 104KB
NICRI 244KB 3.42MB
RBS Morgans 482KB 3.74MB
Roy, Mahesh 22KB 43KB
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  
Suncorp 469KB  
University of New South Wales 102KB 185KB
Van Eyk 203KB 1.46MB

The opinions expressed in the submissions are those of the authors and do not necessarily reflect the views of the Government or the Treasury.