Advisers Question FOFA Opt-In Merits | imac legal & compliance


1st Floor.

  • Home
  • Media
  • Advisers Question FOFA Opt-In Merits
Financial Observer Article

Advisers Question FOFA Opt-In Merits

November 23, 2017 imac legal 0 Comment

Many advisers are sceptical of the value Future of Financial Advice (FOFA) opt-in provisions deliver to practices and their clients, one legal specialist working in the area has said.
They have questioned who was benefiting from the process, which came into effect on 1 July, imac legal & compliance principal Ian McDermott told financialobserver.

“The overall sentiment is, ‘we’re doing it because we have to, but we’re not convinced it’s a good or necessary policy’,” he said. “The overwhelming sentiment is, ‘what does it actually achieve?’ “It’s yet another compliance burden that adds to costs, and on a cost-benefit scale, [I’m] not sure who’s coming out ahead.”

Read the full article in Financial Observer


Any advice on this website is general only and should not be relied on as a substitute for legal advice tailored to your situation. imac legal & compliance pty ltd trades as imac legal and as imac compliance. We will always let you know beforehand whether we are acting as a law firm or as a compliance consultancy (and not as a law firm) for a particular matter. You have several rights and protections under the law when we act as a law firm.

Liability limited by a scheme approved under Professional Standards Legislation when providing legal services.