Referencing Styles : Not Selected Future of Financial Advice (FOFA) Reforms The FOFA reforms became mandatory on 1 July 2013 (which were voluntary from 1 July 2012). The five key FOFA reforms are: best interests duty: Regulatory Impact Statement: ‘Future of Financial Advice — Best interests duty and related obligations’, Regulatory Guide (RG) 175 ‘Financial product advisers — Conduct and disclosure and RG 244 ‘Giving information, general advice and scaled advice’ scaled advice: RG 244 ‘Giving information, general advice and scaled advice’ fee disclosure statements: RG 245 ‘Fee disclosure statements’ codes: RG 183 ‘Approval of financial services sector codes of conduct’ conflicted remuneration: RG 246 ‘Conflicted remuneration’. For more information on the FOFA reforms, access to all the consultation papers and a list of frequently asked questions from both consumer and financial planner perspectives (viewed 19 June 2014). The new prohibitions on previously allowed adviser benefits was designed to improve the quality of advice and reduce conflicts of interest which was perceived to impair the advice received by consumers.At the end of Part 1 of this activity is a compliance procedure that was written for a financial planning business prior to the implementation of the FOFA reforms. You are required to: (a) Identify relevant legislation, codes of conduct and regulatory guides. (b) Identify any changes that should be made to the procedure as a result of any new legislation or updated codes of conduct or regulatory guides (up to Feb 2014). (c) Identify any risks to the business if advisers follow the current procedure. (d) Rewrite the procedures in the case study to include the changes you believe would ensure the above practice could meet its legislative and regulatory requirements. Note: maximum word length for parts (a) – (c) combined is 500 words. Part 1 (a) Identify relevant legislation, codes of conduct and regulatory guides: (i) Identify at least three regulatory guides that have been modified since this compliance procedure was written that are relevant to the procedure