The coalition may review the Future of Financial Advice (FOFA) legislation if it wins next year’s federal election, according to a Minter Ellison lawyer.
Minter Ellison Lawyers partner Richard Batten said the coalition could make changes to the advice reforms as it had not been involved in the FOFA implementation.
“The reality is, assuming we don’t face an election until middle-to-late next year, this legislation will be in force, probably, by the time the election is held,” Batten said.
“That will, I think, make it difficult for a new government, in a different political stride, to be prepared to simply do everything that they’ve said they would have done if they had the chance prior to the legislation being passed.”
He said a new government would be incognisant of the time and effort that had been put into the preparation for the new legislation.
Although the Labor and Liberal parties both supported the main parts of the FOFA legislation, the Liberal party might decide to review points of detail if it won the election, he said.
“We can expect [FOFA] to continue being part of the law,” he said.
“[But] I would expect that potentially we would be looking at some form of short and sharp review of what occurred in relation to FOFA. With maybe an expert, expert panel leading it, or possibly led by the government department.
“[It would have] a view to say, given that we’ve got the legislation and given that everyone is now complying with it, what, if anything, should be done to fix the legislation up.”
