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March 20, 2012

FOFA Bills amendments

Although the Government has not yet responded to the Committee Reports on the Bills it has proposed limited amendments to the FOFA Bills including:

  • to the Corporations Amendment (Future of Financial Advice) Bill 2011 (Tranche 1): changing the fee disclosure statement requirement by omitting disclosure of fees payable by the client over the next 12 months from the fee disclosure statement, omitting disclosure of details of the services that the client is entitled to receive from the current fee recipient under the arrangement during the 12 months and omitting details of the services that the current fee recipient anticipates that the client will receive from that fee recipient under the arrangement during the 12 months beginning on the disclosure day
  • to the Corporations Amendment (Further Future of Financial Advice Measures) Bill 2011 (Tranche 2), in respect of the ban on conflicted remuneration, to allow for grandfathering to be provided for in regulations.

It is expected that further amendments will be proposed.

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Posted 20th March 2012 by David Jacobson in Corporations Act, Future of Financial Advice Reforms