The Coalition will make "time-critical refinements" to the FOFA regime by 1 July 2015, says assistant treasurer Josh Frydenberg – but it will not "relitigate" the reforms.
Speaking at the 2015 Annual Stockbrokers Conference in Sydney on Friday, Mr Frydenberg said the FOFA reforms had strengthened consumer protections.
"We do not intend to relitigate past debates on these laws. However, we are working on a bipartisan basis to progress a handful of technical refinements, which will ensure FOFA operates as intended," he said.
Reflecting on the retail/wholesale client test, which is particularly pertinent to stockbrokers, the assistant treasurer said he was aware of the "difficulties posed by the lack of alignment across the Corporations Act".
"It was never intended that there be different tests across different parts of the Corporations Act.
"The government is looking to make time-critical refinements by 1 July 2015. Once this bipartisan effort is settled, FOFA will be given time to work," Mr Frydenberg said.
When it comes to the Financial System Inquiry, the assistant treasurer said the government has received 180 submissions on the final report (released in December 2014).
"Treasury has also met with a number of financial firms and industry bodies.
"The government will respond to the inquiry’s recommendations over the course of 2015," Mr Frydenberg said.
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