Draft FoFA changes welcomed

The Government's release of proposed amendments to Future of Financial Advice (FoFA) legislation has been welcomed by the Institute of Public Accountants (IPA) as a step in the right direction.

"The IPA commends the Government in carrying out its promise to address the uncertainties involved in the current legislation while still supporting the general direction of FoFA," said IPA chief executive officer, Andrew Conway.

"The Government has recognised the complexities associated with key elements of the legislation, particularly in the areas of consumer best interest duty and scaled advice.

"We are very hopeful that the proposed amendments will underpin a practical approach to provide the public with accessible and affordable advice.

"The amendments will provide flexibility to accountants in their role of trusted advisors to provide scaled advice to meet their clients' needs," said Mr Conway.