FoFA regulatory freeze welcomed by advice profession
Financial Planning Association of Australia CEO Mark Rantall says today’s ‘good faith’ decision to place on hold the introduction of regulatory amendments to FoFA legislation is a welcome initiative.
“The FPA applauds Finance Minister Matthias Cormann for taking further time to properly investigate changes that would otherwise have been introduced as regulatory reform this week.
“The FPA fundamentally supports the original intent of the Future of Financial Advice (FoFA) reforms based on sensible policy alignment, removal of unnecessary red tape and maintenance of consumer protection.
“We welcome the decision by Minister Cormann and look forward to continuing our constructive discussions to find practical solutions to these amendments,” he said.
Mr Rantall said the FPA has spoken in the past week on behalf of its members and the Australian public seeking to draw a clear line between product and advice.
Mr Rantall acknowledged the constructive working relationship with Minister Cormann. “We look forward to further productive dialogue with Government to get the balance right.”