Financial Planners were last reviewed briefly in Issue No. 116 of the Business Values Newsletter in July 2011 – but so much has changed since! The Future of Financial Advice (FOFA) legislation, initially introduced in July 2013, though with ongoing reforms through 2014 – 2015 and beyond, is having a profound affect on this industry.
The FOFA legislation was introduced in response to scandals involving advisory businesses through the GFC. FOFA legislation aims to address:
· Conflicts of interest
· Issues of transparency
· Prioritisation of client’s interests ahead of adviser’s interests.
