Bill Shorten may delay FoFA reforms on commissions and clients to approve fees every two years with advisers

Super Saving Government Bill Shorten Law -

Super Law - Bill Shorten

BILL Shorten is considering delaying  reforms of the government plan for an overhaul of financial advice, amid industry claims the proposed start date of next July is unworkable.  Under Government  Future of Financial Advice (FoFA) reforms, the government will ban advisers from receiving commissions and require clients to approve their adviser’s fees every two years.  With financial planners complaining that many of the changes were too complex to be introduced by July, the Australian Securities and Investments Commission last week said it might overlook inadvertent breaches during the first year of the reforms. Clancy Yeates, reports in The Age today


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