Consumers to get better financial advice

CHOICE supports FOFA reforms
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01.CHOICE supports FOFA reforms


CHOICE has endorsed the Joint Consumer Submission to the Parliamentary Joint Committee inquiry into the proposed Future of Financial Advice (FOFA) reforms.

Reforms will address conflicts of interest

CHOICE and other consumer groups strongly support the proposed changes that will address conflicts of interest faced by financial advisors and lead to better consumer outcomes.

CHOICE supports the amendments in the bill which will: make an annual disclosure statement mandatory; require biennial renewal notices; enhance the licensing and banning powers of the Australian Securities and investments Commission; and introduce anti-avoidance provisions.

The reforms will start from 1 July 2012. The Government has consulted both industry and consumer groups on the reforms and their implementation.

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