FoFA regulatory freeze welcomed by advice profession

Tue, 25 Mar 2014 21:00:59 +0000

Mark Rantall

Financial Planning Association of Australia (FPA) Chief Executive Mark Rantall says the ‘good faith’ decision to place on hold the introduction of regulatory amendments to FoFA legislation is a welcome initiative.

“FPA applauds Finance Minister Matthias Cormann for taking further time to properly investigate changes that would otherwise have been introduced as regulatory reform this week.

“FPA fundamentally supports the original intent of the Future of Financial Advice (FoFA) reforms based on sensible policy alignment, removal of unnecessary red tape and maintenance of consumer protection.

“We welcome the decision by Minister Cormann and look forward to continuing our constructive discussions to find practical solutions to these amendments,” he said.

Mr Rantall said the FPA has spoken in the past week on behalf of its members and the Australian public seeking to draw a clear line between product and advice.

Mr Rantall acknowledged the constructive working relationship with Minister Cormann. “We look forward to further productive dialogue with Government to get the balance right.”

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AdviserVoiceFoFA regulatory freeze welcomed by advice profession

FoFA regulatory freeze welcomed by advice profession

Financial Planning Association of Australia (FPA) Chief Executive Mark Rantall says the ‘good faith’ decision to place on hold the introduction of regulatory amendments to FoFA legislation is a welcome initiative.