The Investment and Financial Services Association (IFSA) has released a Q&A fact sheet for its members in a bid to create better understanding of the changing face of Australian financial services. Samples: What is the Financial Services Reform Act (FRSA)? Who enforces protection on behalf of customers? And, How will FSRA benefits be translated into reality?

IFSA CEO Richard Gilbert says IFSA is committed to ensuring smooth implementation of the FSRA. “I regard investor education as a crucial element of the implementation process.”

Mr Gilbert says IFSA will continue to provide education and support to ensure members will “reap the benefits of the FSRA”. Other initiatives including a fee impact table and a model product disclosure statement will be introduced when IFSA completes its stakeholder consultations.