Why you should give an F about the FoFA changes

SMSF technical expert and columnist for The Australian newspaper
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Key points

  • The failure of the FoFA reforms means financial advisers will be legally required to act in clients’ best interests.
  • Volume-based payments to advisers on the amount of business they place with a certain product provider are banned.
  • Fee disclosure statements are required to be sent to clients of financial advisers.

 

As you have no doubt heard, the government’s changes to the Future of Financial Advice Reforms (FoFA) have been unexpectedly, and dramatically, unwound by the senate.

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