Forex trader is fourth to declare FoFA compliance

A foreign exchange trading company with its sights on the financial planning market is the fourth to officially sign up as an early adopter of the Future of Financial Advice (FoFA) reforms.

Sydney-based Traders4Traders (T4T), which also has offices in London and New York, runs foreign exchange trading workshops and expects to blaze a trail into other sectors this year.

Spokesperson Dan Maguire said any major change in market conditions created opportunities for new entrants, especially “where the old guard holds court for so long with pre-packaged products with a rubber stamp attached”.

“We believe that Traders4Traders are certainly trail blazers and an early adopter of FoFA,” he told Professional Planner Online.

“The market is screaming for products which gives the power back to the investor, which is payable by their SMSF.”

For more on the other three early adopters, click here.

In related news, the regulator is to host FoFA workshops in February and March.

Everything you ever wanted to know about the Future of Financial Advice (FoFA) reforms (but were afraid to ask) will be up for discussion from next month as the Australian Securities and Investments Commission (ASIC) embarks on a national roadshow.

While most licensees and planning practices are well down the road to FoFA compliance, the February and March events will make ASIC experts available to answer specific industry queries.

“Senior executives from ASIC’s financial advice team will provide an overview of the regulation, detail their approach to FOFA, including enforcement, and their facilitative approach,” said the regulator in a statement.

“Take this opportunity to also gain practical advice on implementation of the FOFA framework by speaking to senior ASIC representatives.”

Limited seats are available and more information can be found here.