Why we’re raving about FOFA

Last week, the senate disallowed amendments to the Future of Financial Advice Legislation. This week, some of the amendments are being reinstated.
When the former Labor Government originally introduced the FOFA Legislation, its original intent was designed to "ensure more Australians have access to high quality and affordable advice."
Let's address a few of the contentious rules, why we’re raving about them and what we're doing to ensure our clients are best placed to have trust in us and our industry. 
Grandfathering – the regulations addressed concerns that financial advisers could not switch licensees without losing grandfathered commissions.
We operate an advice business that has been around for over 40 years. When we first heard about the rules changing, we set in motion a series of actions that would ensure that Tudor Investassure wouldn't be impacted by this change. We now operate under a boutique license, unaligned to any product provider and this allows us to focus on delivering the quality advice, experience and expertise that you expect from a financial advice professional.
Opt-in – the requirement to have clients re-sign with their adviser every two years has been reinstated.
At Tudor Investassure, we have a robust review system in place and we arrange to meet with you every year to review your circumstances, needs and objectives. We are upfront and open about how we are paid for our services and what you receive for the money we earn. We trust that you love our work, will be happy to continue using our services and will have no hesitation in opting in to what we offer.
Retrospective Fee Disclosure Statements (FDS) – the requirement to issue an FDS to existing clients has been reinstated.
When this rule came in, we made a business decision that we would provide all our clients with a Fee Disclosure Statement and we implemented systems and processes to track and produce the statements. We agree that it's your right to know and understand what services you receive and how much you pay for them.
Best interests duty – the final, catch-all step in the best interests duty ‘safe harbour’ steps remains in place.
At Tudor Investassure, we've always considered our client's best interests when providing our advice. These provisions provide us with greater guidance and steps to ensure that we continue to put your interests ahead of our own.
We take the legislation very seriously and have recently appointed an internal compliance manager to ensure that we maintain our high standards of advice. Our aim is to have your trust in who we are and what we do and continued faith in ourselves and our industry in delivering the financial advice and services you need to meet your goals, build & secure your lifestyle and fulfil your retirement dreams.
Change is inevitable and after 43 years in business, Tudor Investassure has continued to embrace changes, whether it's new legislation, new technologies or new family life, we have continued to move with the times, continually improving our knowledge, our systems and our processes so we can stay relevant, competitive and compliant and work in your best interests.