Media

Advisers Question FOFA Opt-In Merits

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

imac legal

Share
Published by
imac legal

Recent Posts

Simplifying the financial services laws – pipe dream or reality?

Like politicians, the prospect of completely re-written financial services laws promises so much. But will…

3 years ago

Cyber crime – coming to a financial services business near you

If cybersecurity hasn’t shot up towards the top of the list of identified risks in…

3 years ago

SOA Myths and Mistakes

It should be such an easy thing to do – after all, it’s what financial…

3 years ago

Regulatory Wrap – March 2021

Download a PDF of our latest Regulatory Wrap here. Summary: Westpac Loses Personal Advice Case…

3 years ago

Regulatory Wrap – September 2020

INSIGHT LINES how to nail advice reviews   We have, over the years, reviewed thousands…

4 years ago

Financial Services Lawyer Position Available

The Role: Financial services lawyer (plus compliance consulting) Permanent part-time (min. 0.6 FTE) or FULLTIME…

4 years ago