The delayed release of the Future of Financial Advice (FOFA) reform bill is causing concerns about a timetable for implementation.

Treasury has set a date of July 1 next year for implementation of the reforms, but the draft bill will not be released until the middle of this year.

There will then be a period of consultation on the draft bill before it is introduced into Parliament, with the spring session looking to be the earliest available opportunity.

Treasury did not respond today to insuranceNEWS.com.au requests for information about when the bill will be introduced.

Association of Financial Advisers (AFA) CEO Richard Klipin told insuranceNEWS.com.au that until the draft bill is released, advisers cannot start to plan implementation of the reforms.

“At this point, what will be required by advisers is hypothetical,” he said.

“The AFA is involved in the consultation process and we are confident the right intentions will be included in the bill.”

An Australian Securities and Investments Commission spokesman confirmed today that the regulator will produce guidelines for the implementation of the reforms, but until the bill is passed by Parliament it cannot release any information to advisers.