Future of Financial Advice (FOFA), Financial Services Law & FSR

In March 2004, providers of financial services in Australia were all drawn under one regulatory "umbrella" as a result of the Financial Services Reform Act 2001.  Anyone carrying on a financial services business must now operate under an Australian financial services licence.  This includes a diverse range of operators, including, among many others, banks, financial planners, stockbrokers and even electronic-currency traders.  Licensees must meet a large number of legal and regulatory requirements, under the watchful eye of the Australian Securities and Investments Commission (ASIC).

The involvement of Holley Nethercote in the financial services industry began with providing legal services to life insurance companies when the firm commenced back in 1995.  Holley Nethercote partners, Tim Nethercote and Grant Holley had been working with life insurance companies (and banks) as a solicitor and barrister respectively prior to commencing practice as Holley Nethercote

In 2012, we saw the introduction of the FOFA reforms.  The next challenge for the financial services industry is complying with these reforms which, amongst other things, place a ban on conflicted remuneration, require advisers to act in the best interests of the client and provide for the provision of fee disclosure statements.  Holley Nethercote’s extensive background and experience in financial services law means that we can assist you to understand and comply with FOFA.

Contact us now to see how we can help you.

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