Australia’s financial advice industry will have until 1 July 2013 to comply with the Future of Financial Advice (FOFA) bills after Financial Services Minister Bill Shorten signalled a soft start to the reforms.
“This means that any business who wants to start complying with the reforms from 1 July 2012 will have the opportunity to elect to do so. From 1 July 2013, the entire industry will be required to comply,” Shortens said in a statement.
“The reforms will commence from 1 July 2012, as originally announced, but the application of the provisions will be voluntary until 1 July 2013. Mandatory application will start from 1 July 2013.”
Shorten said the revision was in response to the advice industry’s call for more time to prepare for the changes.
“The revised implementation arrangements will lower industry implementation costs as they will be able to synchronise FOFA and Stronger Super reforms,” he said.
