Exposure Draft - Corporations Amendment (Further Future of Financial Advice Measures) 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.
On 29 August 2011, the Government released the first tranche of draft legislation implementing these reforms entitled Corporations Amendment (Future of Financial Advice) Bill 2011. The first tranche covered statutory best interests duty, compulsory renewal requirement (opt-in), and the enhancement of ASIC’s powers.
The exposure draft and EM are being released today form the second and final tranche of draft legislation on the FOFA reforms. The second tranche of the legislation covers the provisions relating to conflicted remuneration including the ban on commissions and other volume-based payments to financial advisers, the ban on soft-dollar benefits to financial advisers, the ban on volume-based shelf-space fees to product platforms and ban on asset-based fees involving leverage.
Submissions for this consultation closed on Wednesday, 19 October 2011.
A total of 48 submissions have been recieved in response to the draft legislation. 14 submissions are confidential, and the remaining 34 are public, which are listed below.
|Abacus Australian Mutuals||67KB||50KB|
|AIOFP Supplementary Submission||38KB||23KB|
|Associated Advisory Practices||241KB|
|Associated Advisory Practices Supplementary||292KB|
|Association of Compliance Professionals Aust Inc||87KB|
|Association of Financial Advisers||77KB|
|Australian Bankers Association||357KB|
|Australian Financial Markets Association||318KB|
|CMC Markets Asia Pacific||3.23MB|
|Corporate Super Specialist Alliance||69KB||109KB|
|Finance Sector Union||184KB|
|Financial Planning Association||470KB|
|Financial Services Council||89KB||67KB|
|Henry David York Lawyers||1.4MB|
|Insurance Council of Australia||57KB|
|Joint Consumer Groups||310KB|
|Law Council of Australia||113KB|
|Law Council of Australia (main submission)||275KB|
|McCulloch Robertson Lawyers||254KB|
|National Insurance Brokers Association||446KB|
|National Investments Ltd||23KB||27KB|
|Stockbrokers Association of Australia||214KB|
|Wyndham Vacation Resorts||3.71MB|