'Australian RDR' passed by parliament

The Future of Financial Advice bill (FoFA) will ban commissions on products in a similar way to RDR, impose a code like treating customers fairly (TCF) and strengthen the power of the Australian regulator. However, a proposal to require advisers to write to "re-sign" clients every two years to ensure they agree with the service offered was rejected. The CEO of Australia's Financial Planning Association (FPA) Mark Rantell told ABC News the legislation would increase the workload of the industry. "There's no doubt there will be additional work for financial planners coming out of the...