National Roadshows answer the big questions on TASA and FoFA as July 1 date looms

Dante De Gori

Dante De Gori

Australia’s professional financial planners remain vigilant to key legislative changes, seeking to clarify the full requirements of both the Future of Financial Advice (FoFA) and Tax Agents Services Act (TASA).

This is the dominant observation derived from the first round of the Financial Planning Association (FPA)’s National Roadshows underway across the nation from April until June.

Three of the 34 scheduled Roadshows have taken place, with the recently-held Perth event reaching record attendee numbers as 300 advisers attended the full capacity event. There was also an overwhelming response in Tasmania where nearly 100 members attended. The FPA is expecting over 2,500 attendees nationally before the Roadshows wrap up in South East Melbourne on the 19 June.

Dante De Gori, General Manager of Policy and Conduct at the FPA, said that these record numbers are a clear indication that advisers are aware that they need to be prepared for the 1 July legislative deadlines and are seeking support towards this goal.

“The feedback from our ‘Bulletproof’ Roadshows in 2013 was that financial advisers wanted more information about TASA and FoFA and what was required of them in compliance terms.

“The aim of the current series of Roadshows is to not only update and educate planners, but also answer any questions or concerns they have regarding specific aspects of the regulation and how this will affect them,” Mr De Gori said.

Mr De Gori indicated that the majority of questions raised concern the specifics of what planners need to do to be ready for the 1 July, 2014 implementation date.

“With the TASA extension granted to financial planners last year, we had more time as a profession to prepare for its implementation and to ensure members were equipped and ultimately in a position to deliver the best outcomes for consumers,” Mr De Gori said.

In a new event format, the FPA has partnered with Platinum Asset Management to provide an update on the state of the global economy. Kerr Neilson, Platinum Asset Management’s co-founder and managing director, has been discussing current offshore investment opportunities with a focus on key economic themes and global companies.

Financial planners in Melbourne, Sydney, Brisbane, Darwin and several regional locations are still able to sign up to their local Roadshow. The events are free to attend. Each covers:

  • What TASA is;
  • What the Tax Practitioners Board is;
  • What planners need to do to be ready for 1 July;
  • The latest information concerning FoFA and its amendments.

Capital city events will also include the presentation from Platinum Asset Management, detailing the behavioural challenges investors are facing as well as current global economic trends.

The events are also open to non-members and attendees will be given a ‘Guide to TASA’ to take away. This includes a collection of fact sheets with practical tips and guidance on planner obligations under the TASA regime. Event dates and registrations for the Roadshows can be found at

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