The Coalition said it will bring in the 16 recommendations it made as part of the Parliamentary Joint Committee inquiry into FOFA, including the complete removal of opt-in.
It will also simplify and streamline annual fee disclosure requirements while “improving” the best interest duty and providing certainty around the provision and availability of scaled advice.
The ban on risk commissions inside super will also be refined, the document stated.
The Coalition document said that according to the Insurance Council of Australia, the FOFA package as it stands will cost an estimated $700 million to implement and impose a $375 million compliance burden on the financial services industry per year.
The document also flagged a “moratorium on significant new regulation for the financial sector”.
“Australia’s financial sector has been subject to a great deal of change over the life of the Labor Government with new legislation and a raft of regulations across banking, superannuation and financial services,” the policy missive claimed.
“These changes have imposed significant costs on the sector and industry has reform fatigue.
“The Coalition intends to institute a broad ranging review into the operation of the banking and financial services sector and while this review is underway, we will put in place a pause on significant regulatory change.”
