The Australian Securities and Investments Commission (ASIC) is preparing a consultation paper on training for financial advisers as it works towards the implementation of the Future of Financial Advice (FOFA) reforms next year.

ASIC Senior Executive Leader Joanna Bird says the regulator plans to release a consultation paper on training in December and is seeking industry feedback on compliance and standards.

She told the Financial Ombudsman Service’s national conference ASIC is considering setting up a regulatory body to run a national exam based on the new competencies and training standards to emerge from FOFA.

The regulator is also keen to hear from the industry on the “opt-in” provisions, such as operation, timing and scope of fee disclosure, and how these will apply to pre-FOFA clients. It will shortly publish an information sheet.

Ms Bird says ASIC’s consultation paper on the “best-interest duty”, released in August, has attracted 22 submissions and it expects to issue its final guidance in December, in an update to Regulatory Guide 175.

She says under FOFA financial advisers’ obligation to act in clients’ best interests will rest on the advice provider, rather than the licensee or authorised representative, so the responsibility is with “the actual individual sitting there talking to the client”.

The new penalty provisions will no longer include criminal sanctions.

ASIC has received 14 submissions to its consultation paper on scaled advice, also released in August, and is working towards a December update.

Ms Bird says most of the submissions relate to technical matters. “There aren’t any show-stoppers.”

ASIC’s 30-strong financial advisers team includes a number of experienced practitioners and is spread between Melbourne, Brisbane, Sydney and Perth.