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 improve access to 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.
The Government intends to implement time sensitive measures through amendments to the Corporations Regulations 2001. To provide certainty, these amendments will be subsequently reflected in the Corporations Act 2001.
The Corporations Amendment (Streamlining of Future of Financial Advice) Bill 2014 was introduced into Parliament on 19 March 2014 to implement the Government's announced package of changes to FOFA.