FAAA wants protections for advice businesses in govt non-compete reform review

As the government canvasses feedback on its plans to reform the law around non-compete clauses in employee contracts, the Financial Advice Association Australia has warned that the interests of employees needed to be balanced against the interests of the employer’s business. The FAAA suggested non-solicitation clauses in employment agreements should be capped at 12 months after an employees leaves a company, and that professional year advisers should be restricted from working for a competitor for two years after completing their PY.