The Association of Financial Advisers (AFA) is moving on from opposing the new Future of Financial Advice (FOFA) reforms to concentrate on the regulations being created by the Australian Securities and Investments Commission.

CEO Richard Klipin says the AFA’s focus “is now on getting the best outcome with the regulations and regulatory guides and assisting our members to implement the changes”.

“We believe all sectors of the industry need to work together now to achieve professional standing in the wider community and implement the reforms efficiently and effectively,” he said.

The association is clarifying aspects of FOFA for its membership through an information pack and a national roadshow.

“We have never wavered from supporting small business financial advisers and will continue to do so during the coming transition period,” Mr Klipin said. “The Australian community needs to be able to access trusted and affordable advice.

“This is the ambition of the FOFA legislation and, while it is flawed policy, it is now up to the members of the AFA to ensure we deliver as best we can on this premise.” 

Mr Klipin says one good outcome of the FOFA debate has been to increase politicians’ understanding of financial advice.

“There is not a federal MP across the country who does not know who we are and what we do,” he said.

“With a federal election looming in 2013, we collectively need to maintain the focus and capitalise on what has been achieved.”