The Federal Government has reintroduced grandfathering regulations into the Senate, effective from tomorrow.

They allow for grandfathered benefits to be transferred in the sale or purchase of a business, removing previous restrictions on trade.

These rights were lost last month when Labor senators successfully pushed for regulations amending the Future of Financial Advice (FOFA) legislation to be dismissed.

Financial Planning Association CEO Mark Rantall has today welcomed the move, which he says removes uncertainty from the advice industry.

“When FOFA was being developed, we fought hard to remove the restrictions on trade and unfair market competition created by the original… reforms,” he said.

“Today’s finalisation of the grandfathering provision will enable all advisers to retain grandfathered benefits, regardless of the licensee they move to, fostering greater fairness across the financial planning profession.”