Changes to disclosure documents: all disclosure documents that refer to FOS/CIO will need to be amended to refer to AFCA by 30 June 2019. This includes documents such as Financial Services Guides, Credit Guides and Product Disclosure Statements. We will provide you with wording for these changes in due course. Now is also a timely opportunity to also review the other content within these documents to confirm currency and accuracy.
When making SMSF establishment recommendations in a Statement of Advice (SOA), you will also need to ensure that any reference made to the Superannuation Complaints Tribunal is replaced with AFCA (as AFCA now has sole jurisdiction to hear superannuation complaints). For Rescue Portal subscribers we have already updated the ‘SMSF establishment’ SOA template on the Portal to reflect this. If your SOA templates are held on your internal practice management systems, you must ensure these are updated to reflect AFCA.