Planning for the Future of Financial Advice in Australia - Financial Planning

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Planning for the Future of Financial Advice in Australia

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Planning for the Future of Financial Advice: A Handbook provides an introductory look at the legal and procedural matters underlying Part 7.7A of the Corporations Act, known as the Future of Financial Advice (FoFA). The work discusses some of the more difficult provisions that the financial services industry and their legal advisers are embarking upon.

The FoFA reforms focus on improving the quality of financial advice, in particular product recommendations, and expanding the availability of more affordable forms of advice. The reforms will ultimately improve investor protection and instil confidence in the financial advice industry. Planning for the Future of Financial Advice: A Handbook is a timely text that provides an overview of these important reforms.

Planning for the Future of Financial Advice: A Handbook includes a discussion regarding, key FoFA measures, best interests obligations, bans on conflicted remuneration and other benefits, volume-based shelf-space fee ban, bans on asset-based fees on borrowed amounts, impacts of bans on the financial services industry, ongoing fee arrangements, other key FoFA measures - sanctions, anti-avoidance rule and the future of FoFA.

This text features a comprehensive overview by Susan Hilliard and Michelle Levy, followed by the key pieces of legislation together with annotations extracted from the authoritative title Austin and Black's Annotations to the Corporations Act. Planning for the Future of Financial Advice: A Handbook is designed to act as a quick reference to the relevant future of financial advice regulatory material.

Features
• Quick Reference
• Comprehensive overview of the changes
• Annotations extracted from the authoritative title Austin and Black's Annotations to the Corporations Act
Part 1 - The FoFA Reforms: Overview
Chapter 1 Introduction
Chapter 2 Key FoFA measures overview
Chapter 3 Best interests obligations
Chapter 4 Bans on conflicted remuneration and other benefits
Chapter 5 Volume-based shelf-space fee ban
Chapter 6 Bans on asset-based fees on borrowed amounts
Chapter 7 Impacts of bans on the financial services industry
Chapter 8 Ongoing fee arrangements
Chapter 9 Other Key FoFA Measures - Sanctions
Chapter 10 Anti-avoidance rule
Chapter 11 The future of FoFA
Schedule 1 - FoFA Policy drivers
Schedule 2 - Ripoll Report
Schedule 3 - FoFA Timeline

Part 2 - Australian Corporations Legislation
Corporations Act
- Part 7.7 - Financial service disclosure
- Part 7.7A - Best interests obligations and remuneration

Corporation Regulations
- Part 7.7 - Financial service disclosure
- Part 7.7A - Best interests obligations and remuneration
Susan Hilliard is a Partner in the Sydney office of King & Wood Mallesons and is the Sector Leader of the Firms? Investment Manager?s practice. In this role she is involved in cross border work including regional funds and regulatory work. Susan has a market leading funds? practice covering across all aspects of investment funds (including structured products such as hybrids, exchange traded funds and transactional work). Her transactional experience in this area covers acquisitions and disposals, takeovers, schemes, mergers and restructures, IPO's and capital raisings. Susan has been involved in financial services law since 1986 and is a guest lecturer for the Sydney LLM Corporate Fundraising and Monash LLM Equity Capital courses.

Michelle Levy is a Partner in the Sydney office of King & Wood Mallesons who specialises in superannuation, life insurance, distribution and financial services law. She also advises on the taxation of superannuation, life insurance and trusts. Michelle works for major superannuation trustees, banks and life companies. She also works for industry funds and large corporate funds. Michelle is a regular contributor to various journals and publications including Financial Services Newsletter and the Superannuation Law Bulletin. She has also presented at many seminars. Michelle also contributes to client publications.