FoFA Fast-Track

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The Future of Financial Advice (FoFA) reforms were introduced to improve the quality of financial advice and consumer protection as a result of the failures of financial advice firms in the late 2000s. Enabling easier provision of simple advice is expected to make financial advice more accessible and affordable, as well as more competent advice.

ASIC warning 

Since July 2016, accountants offering financial services to clients have to complete ASIC’s Regulatory Guide 146 qualification (RG146), and be appropriately licensed under ASIC’s financial services licensing framework.

If your accounting practice currently provides specific advice to clients on SMSFs or superannuation, insurance and financial investments, and you’re not RG146 qualified and licensed with ASIC, you are in breach of the Corporations Act, and run the risk of ASIC imposing penalties for non-compliance.

To find out more about FoFA, click here.

By 1 July 2016, accountants offering financial services to clients will have to complete ASIC’s Regulatory Guide 146 qualification (RG146), and be appropriately licensed under ASIC’s financial services licensing framework.

If your accounting practice provides specific advice to clients on SMSFs or superannuation, insurance and financial investments, and you’re not RG146 qualified and licensed with ASIC by 1 July 2016, you will be in breach of the Corporations Act, and run the risk of ASIC imposing penalties for non-compliance.

To find out more about FoFA, click here.

If you wish to continue to work in the SMSF space, you need to act fast.

What you need to do.

The IPA can offer you a complete solution which will help you become RG146 compliant, and help you select the right operating model for your practice.

The below table explains your options.

 
Option
Solution
 
Provide a referral arrangement of your clients to a licensee
We recommend you undertake our introductory module of the Diploma of Financial Planning. This is not compulsory.
 
Obtain a Limited Licence from ASIC
Study three modules in the Diploma of Financial Planning - Financial Advice, SMSF and Superannuation
 
Obtain Authorised Representative status with an AFSL holder
Study the full Diploma of Financial Planning, comprising of four modules plus an added SMSF module.

Introducing FoFA FastTrack.

We've developed the FoFA FastTrack service to ensure you have the required training and compliance tools you need to be compliant by July 1, 2016.

FoFA FastTrack allows you to complete the full Diploma of Financial Planning through express classroom workshops. We've developed a rapid enrolment process to help reduce the hassle of applying. We've negotiated a competitive arrangement with Mentor Education – a leading financial services Registered Training Organisation. 

The cost of the IPA FoFA FastTrack:

Referral Model:                   $460 online or $675 face to face (1 day)
Limited Licence:                  $1380 online or $2,025 face to face (3 days) 
Authorised Representative:   $2,190 online or $3,790 face to face (8 days)

To find out more about the Diploma of Financial Planning, click here

Register for the FoFA-Fast Track today!

After studying

Once you’ve completed your RG146 studies, you’ll embark on the second stage of your compliance journey. 

You will need to decide which operating model is most appropriate for your practice.
Once you've made this decision, you will need to become licensed.

We have partnered with a few partners to help you with either Referrals, Limited Licensing, or if you want to become an Authorised Representative. You can find more information about our preferred partners here.

We're here to help you and ensure you continue to provide the trusted advice to your clients. This is an immense opportunity for you to unlock a world of potential and we'll be there with you every step of the way.

To find out more about the FoFA Reforms, click here.

CLEARDOCS OFFER

Cleardocs is offering 45% off their limited AFSL document package  for lodging an application with ASIC, which can help you complete the application in as little as 30 minutes.