Government delays the implementation of the Future of Financial Advice changes until 1 July, 2013

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Bill Shorten, Minister for Financial Services, has delayed the commencement of FOFA so as to provide “more flexible commencement arrangements”.

It was announced today that the reforms would commence from 1 July 2012, but applications of the provisions would be voluntary until a year later, with mandatory application starting from the 1 July, 2013.