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.