FOFA: Exposure Draft of Corporations Amendment

Articles Written by Austin Bell (Partner)

On 29 August 2011, the Assistant Treasurer and Minister for Financial Services and Superannuation released an Exposure Draft of the Corporations Amendment (Future of Financial Advice) Bill 2011 (Draft Legislation).

The main components of the Draft Legislation are:

  • the duty of providers to act in the best interests of a client;
  • the "opt-in" reforms; and
  • increased enforcement powers for ASIC.

JWS made a submission providing observations and comments on the exposure draft:

Ltr to Treasury FOFA Draft legislation

Important Disclaimer: The material contained in this article is comment of a general nature only and is not and nor is it intended to be advice on any specific professional matter. In that the effectiveness or accuracy of any professional advice depends upon the particular circumstances of each case, neither the firm nor any individual author accepts any responsibility whatsoever for any acts or omissions resulting from reliance upon the content of any articles. Before acting on the basis of any material contained in this publication, we recommend that you consult your professional adviser. Liability limited by a scheme approved under Professional Standards Legislation (Australia-wide except in Tasmania).

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