“This is a great outcome for common-sense; the FPA has consistently lobbied the government for the one-year transition and welcome Minister Shorten’s announcement. We believe a one-year transition will allow all financial planners the time needed to implement these reforms in a transparent and efficient way for the benefit of all Australians.

“The FoFA reforms are integral to the financial future of all Australians, therefore we want to ensure that discussions around and the implementation of the reforms are not rushed, potentially resulting in unintended consequences.”

“The FPA looks forward to hearing the government’s response to other recommendations made by the FPA, and many other industry representatives, throughout the inquiry.”

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The first tranche covered statutory best interests duty, compulsory renewal requirement (opt-in), and the enhancement of ASIC’s powers.

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.

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