This paper summarises and appraises federal legislation passed in 2012 under the headings of The Future of Financial Advice (FoFA) and MySuper. FoFA reforms, which follow a review of the industry by a Joint Parliamentary Committee, aim to improve financial advice and seek to ban conflicted advice. MySuper reforms, based on recommendations made by the Cooper Review, aim to address a lack of engagement with superannuation by 60 per cent of workers and to ensure that default superannuation accounts are simple, comparable and affordable. An earlier version of this paper was presented to the 2012 Australian Centre for Financial Studies' Melbourne Money and Finance Conference.
|Number of pages||7|
|Publication status||Published - 2012|