The second tranche of the federal government’s Future of Financial Advice (FOFA) Bill is expected to be effective from the end of 2012, an FPA executive has said.
“The tranche two Bill is likely to be referred to committee inquiry. There is a delay in the final legislation being passed,” FPA general manager of policy and government relations Dante De Gori told delegates at yesterday’s 2011 FPA National Conference in Brisbane.
“Submissions are due next week are we are expected to be representing [the industry] at a hearing in December.”
In terms of a legislative timelines, De Gori said the reports from Parliament will likely be released in mid-March 2012, with FOFA draft legislation potentially passed before April 2012.
He said, the Bills would then take “at least one or two” months to be implemented.
In the meantime, the report of the need for a statutory last resort companion scheme is next on the agenda for FOFA.
“[The report] should hopefully be released by the end of next week,” he said.
De Gori said that the regulatory guide on scaled advice has been postponed until next year and are hoping that the consultation paper on restricting the term ‘financial planner’ should also come into effect next year.
In late October, Senate referred the FOFA draft bills to the PJC for review.
