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Policy & Research

Super Reforms Timeline – FoFA

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FoFA Timeline (pdf)

Related ASFA links

Super Reforms Timeline

Policy Sub-Committees

ASFA Toolbox:
Super Reforms Update
Trustee considerations
Key Messages

Related External links:

Stronger Super website
Government's response to the Super System Review.

ATO website Q&A
Assists super funds and their administrators prepare for implementation of various super reforms.

Date	Development	Update
26 Apr 2010	Government publishes FoFA information pack and announces the FoFA reforms.	Access to the Government’s initial response is available here.
28 Apr 2011	Government publishes 2nd FoFA information pack containing further detail on the operation of the FoFA reforms.	Access to the Government’s second information pack is available here.
13 Oct 2011	The 1st Tranche of FoFA legislation as tabled in Parliament on 13 October 2011 includes: Fee disclosure to client detailing advice fee and service information for both previous and forthcoming 12 months; Opt-in requirements; Enhancements to ASIC’s licensing and banning powers.	Corporations Amendment (Future of Financial Advice) Bill 2011 was tabled in Parliament on 13 October 2011. The Bill and Explanatory Memorandum can be accessed here. This Bill is presently before the following Parliamentary Committees: Senate Economics & Legislation Committee. Submissions are due 27 January 2012. Parliamentary Joint Committee on Corporations & Financial Services. Submissions are due 22 December 2011 with public hearings scheduled for 24 January 2012. ASFA’s submissions on FoFA are available here.
24 Nov 2011	The 2nd Tranche of FoFA legislation as tabled in Parliament on 24 November 2011 includes: Best interest obligations Conflicted remuneration and other banned remuneration	Corporations Amendment (Further Future of Financial Advice) Bill 2011 was tabled in Parliament on 24 November 2011. This Bill was also referred to the same Parliamentary Committees as previous tranche. The Bill and Explanatory Memorandum can be accessed here. Senate Economics & Legislation Committee submissions are due 27 January 2012. Parliamentary Joint Committee on Corporations & Financial Services submissions are due 22 December 2011 with public hearings scheduled for 24 January 2012.
13 Dec 2011	ASIC released its plans for FoFA regulation.	On 13 December 2011 ASIC released its plans for publishing regulatory guidance on the impact of the FoFA reforms on financial advisers and other industry participants. This information is available on the ASIC website here.
22 Dec 2011	Submission due to Parliamentary Joint Committee on Corporations & Financial Services.	All of ASFA’s submissions are available here.
24 Jan 2012	Public hearings for the Parliamentary Joint Committee on Corporations & Financial Services.
27 Jan 2012	Submissions due to the Senate Economics & Legislation Committee.
29 Feb 2012	Parliamentary Joint Committee on Corporations & Financial Services to report to Parliament on 29 February 2012.
14 Mar 2012	Senate Economics Legislation Committee to report to Parliament on 14 March 2012.
1 Jul 2012	Commencement date for the majority of the reforms including the prospective ban on conflicted remuneration structures, adviser charging regime and statutory best interests duty.
1 Jul 2013	Commencement of a prospective ban on up-front and trailing commissions and like payments for both individual and group risk insurance within superannuation.