The Financial Services Council said today the government’s decision to pause changes to the Future of Financial Advice (FoFA) regulations is prudent and sensible.
John Brogden, CEO of the Financial Services Council said: “There has been a lot of white noise and misinformation on what the proposed FoFA refinements mean for consumers.”
“The pause is timely and will allow the government and stakeholders to regroup and make submissions to the Senate Committee on amendments which will allow FoFA to do what it was always intended to do. That is, to improve the quality and quantity of financial advice and to make it accessible for all Australians,” Mr Brogden said.
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