There is still some way to go before all Future of Financial Advice (FOFA) amendments are secured, the Association of Financial Advisers warns.

“FOFA is a long journey,” COO Phil Anderson told the association’s roadshow in Melbourne last week. “This is not a done deal and there are still some things that will affect the outcome.”

The planned amendments, including removal of opt-in and allowing life commissions on products sold in super, will be introduced to Parliament as a bill or as regulations, which can be overturned by Parliament.

Mr Anderson says advisers should not assume the FOFA changes are guaranteed.

“We’ll need to fight to get all the amendments passed, but there is no certainty of getting the legislation through both houses.

“We will be talking to senators and we are encouraging members to lobby their local representatives. We are working on a member lobbying guide that will be released shortly.”

He says advisers must realise some current FOFA legislation will remain, even if all the amendments are approved.

“We will not be going back to the pre-global financial crisis levels of legislation – the changes introduced last year will still be with us. What we are seeing is some changes to parts of the legislation and there are still parts we are uncertain on.”

Mr Anderson says most of the financial services sector supports the proposed changes to FOFA, but industry funds and the Labor Party oppose them.