The FOFA opt-in measure requires a financial adviser or planner who charges on-going fees to send a renewal (‘opt-in’) notice every two years to clients.
Financial advisers bound by an ASIC approved code of conduct will be exempt from the ‘opt-in’ provisions.
ASIC has released Consultation Paper 191 Future of Financial Advice: Approval of codes of conduct for exemption from opt-in requirement (CP 191) on its approach to code approval and relief powers under the Future of Financial Advice (FOFA) reforms.
ASIC will consider applications for approval of a FOFA code once final policy is published in RG 183. ASIC notes that unless a licensee opts in to the FOFA regime before 1 July 2013, the earliest date an adviser would need to comply with the opt-in requirement, or join an approved code, is 1 July 2015.
