Disallowance of FOFA regulations

The Senate has disallowed the Corporations Amendment (Streamlining Future of Financial Advice) Regulation 2014. ASIC will take a practical and measured approach to administering the law as it now stands following this disallowance. They will take into account that as a result of the change to the law that applies to the provision of financial advice, many Australian financial services (AFS) licensees will now need to make systems changes.

ASIC also recognises this issue may arise in particular areas, including fee disclosure statements and remuneration arrangements.