| Date |
Development |
Update |
| 2010 |
| 26 Apr 2010 |
Government publishes FoFA information pack and announces the FoFA reforms. |
Access to the Government’s initial response is available here. |
| 2011 |
| 28 Apr 2011 |
Government publishes second 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 first 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 was subsequently referred to the following Parliamentary Committees:
- Senate Economics & Legislation Committee.
- Parliamentary Joint Committee on Corporations & Financial Services.
|
| 24 Nov 2011 |
The second 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 tabled in Parliament on 24 November 2011.
The Bill and Explanatory Memorandum can be accessed here.
This Bill was also referred to the same Parliamentary Committees as the previous tranche.
|
| 13 Dec 2011 |
ASIC releases 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. |
ASFA’s submission is available here. |
| 2012 |
| 24 Jan 2012 |
Public hearings for the Parliamentary Joint Committee on Corporations & Financial Services. |
PJC transcript is available here. |
| 27 Jan 2012 |
Submissions due to the Senate Economics & Legislation Committee. |
ASFA’s submission is available here. |
| 24 Feb 2012 |
Public hearings for the Senate Economics & Legislation Committee. |
Senate Committee transcript is available here. |
| 29 Feb 2012 |
Parliamentary Joint Committee on Corporations & Financial Services reports to Parliament. |
The PJC report to Parliament is available here. |
| 14 Mar 2012 |
Senate Economics Legislation Committee reports to Parliament. |
The Senate Economics & Legislation Committee’s report to Parliament is available here. |
| 15 Mar 2012 |
Minister announces soft regulatory approach to implementation of FoFA. |
The Ministerial announcement is available here. |
| 22 Mar 2012 |
Both tranches of FoFA passed by the House of Representatives with amendments. |
Tranche 1 as passed is available here.
Tranche 2 as passed is available here.
|
| 11 Apr 2012 |
Amendments are made public to implement soft regulatory approach to FoFA announced by the Minister on 15 March. |
The amendments are available on FoFA website here. |
| Jun 2012 |
Draft Regulations exposed for comment. |
See the FoFA website here. |
| 23 Jun 2012 |
Replacement for the accountant’s exemption announced by the Government. |
See media release here. |
| 27 Jun 2012 |
Tranche one Corporations Amendment (Future of Financial Advice) Bill 2012 and tranche 2 Corporations Amendment (Further Future of Financial Advice Measures) Bill 2012 receive Royal Assent. |
Tranche one is available here.
Tranche two is available here.
|
| Jul 2012 onwards |
ASIC will release a series of consultation papers to support the implementation of FoFA. The topics to be included are:
- The best interest duty
- Scaled advice
- Conflicted remuneration
- ASIC powers
- FoFA anti-avoidance provisions
|
|
| 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.
However, the Government announced a “soft regulatory” approach to the implementation of FoFA in the first 12 months.
|
See the Minister’s media release here. |
| 12 Jul 2012 |
First package of FoFA regulations Corporations Amendment Regulation 2012 (No. 4) is registered. |
The Regulations are available here. |
| 9 Aug 2012 |
ASIC releases consultation papers on aspects of FoFA. |
CP 182 Future of Financial Advice: Best interests duty and related obligations is available here (pdf).
CP 183 Giving information, general advice and scaled advice is available here (pdf).
Closing date for comments 20 September 2012.
|
| 28 Sep 2012 |
ASIC releases Consultation Paper 189 Future of Financial Advice: Conflicted remuneration.
The paper outlines the ban on conflicted remuneration includes commissions and volume-based payments in relation to the distribution of and advice about retail investment products.
|
Access the consultation paper here.
|
| 2 Oct 2012 |
A further tranche of FoFA regulations was registered: Corporations Amendment Regulation 2012 (No. 8).
The regulations implement grandfathering arrangements for payments made by platform operators with respect to the ban on conflicted remuneration.
|
Access the regulations here.
|
| 28 Nov 2012 |
Exposure Draft – Accountants' exemption replacement regulations.
Under the proposed arrangements, accountants will be able to access a new form of limited licence from 1 July 2013 which will enable them to discuss a range of financial products with their clients. The range of products includes SMSFs, superannuation, securities, simple managed investment schemes, general insurance, life risk insurance and basic deposit products.
|
Access the draft regulations here
See ASFA's submission dated 21 December 2012 here.
|
| 13 Dec 2012 |
ASIC releases guidance for two aspects of the Future of Financial Advice (FOFA) reforms.
|
|
| 2013 |
| 25 Jan 2013 |
ASIC releases Regulatory Guide (RG) 245 Fee Disclosure Statements (FDS) on how to comply with the requirements under FoFA. |
|
| 27 Feb 2013 |
The Government announces that the replacement of the accountants' licensing exemption with a limited Australian Financial Services License (AFSL) will be finalised by way of regulations in April, 2013. |
|
| 1 Mar 2013 |
ASIC releases an update to Regulatory Guide 183 Approval of financial services sector codes of conduct. The update details how ASIC will approve codes and use its relief powers. |
|
| 4 Mar 2013 |
ASIC issues Regulatory Guide 246 Conflicted Remuneration |
|
| 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. |
|