FoFA Bills passed by the House of Representatives

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On 22 March 2012, the progress of the FoFA legislation continued when two bills were passed in the House of Representatives.

A number of provisions have been amended following feedback from relevant stakeholders.

For example, a new exception to the “opt-in rules” has been introduced.  As a result, financial planners who are members of a professional body with an approved code of conduct will not be required to comply with the “opt-in rules”, which for other advisers will require them to sign fresh agreements with their clients every 2 years.

It should be noted that the bills do not include the deferral of the date for mandatory compliance with the FoFA measures from 1 July 2012 to 1 July 2013.  Deferral is expected to occur by amendments in the Senate or by separate legislation.