HANDS up if you know what FOFA stands for. Okay, well, I can’t see any hands. That’s probably because most people don’t know or don’t care what FOFA is, and because newspapers don’t have eyeballs to see readers’ hands.
Financial planners will have to start contacting hundreds of thousands of customers and ask them if they want to remain clients from mid next year if the Senate votes to a return to Labor's financial advice laws.
The Australian Bankers’ Association (ABA) today welcomed the announcement by the Minister for Finance and Acting Assistant Treasurer, Mathias Cormann, of an industry-wide public register of financial advisers.
How the public register of financial advisers will be funded remains unclear, with the government saying that the money will come via a $5 hike in the annual lodgement fee for Australian Financial Services (AFS) licensees.