The federal government's Future of Financial Advice (FOFA) implementation timeline was unlikely to experience any further delays, Minter Ellison Lawyers said yesterday.
"I can't see there being any delays. It would require a change to legislation to do that and I'm sure that there won't be," Minter Elliston Lawyers partner Richard Batten told a lunch briefing.
Batten said there would be no benefit for individuals or otherwise to suggest a later implementation date.
"People were asking for a one-year extension, but they really weren't asking for more than that. It would be very hard to turn around and say 'can I have another year extension?'" he said.
He also said the government would more than likely want the legislation bedded down before the next federal election, due in the second half of 2013.
This view was shared by Batten's colleague, Minter Ellison Lawyers superannuation funds specialist and partner Maged Girgis.
"Politically, you have also got to assume that the government is going to want some runs on the board in light of the current political climate," Girgis said.
"It is not in their interest to delay it."
On 14 March, the Labor government announced the application of the new reforms would be voluntary from 1 July 2012 and mandatory from 1 July 2013.
