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FoFA Regulatory Reform in Financial Services

TP3 is part of this wealth manager’s change team, providing instructional design advice and change support as team members respond to a major regulatory reform.

Driver for Change

The Future of Financial Advice (FOFA) reforms amend the Commonwealth Corporations Act to address conflict-of-interest concerns and improve the quality of Australian financial advice. FOFA has wide implications for service delivery amongst financial advisors, impacting upon remuneration and incentive schemes, client fee structures, greater fee transparency and advice affordability measures—all of which impact the core operations, practices, reporting and communications of advisors. All institutions providing financial advice are affected by FOFA.

What We Delivered

Before the FOFA reforms became mandatory, a wealth manager engaged TP3 to work within its change team to implement learning programs to develop advice capability and ensure ongoing compliance. To do this, TP3:

  • Prepared the business proposals for the learning programs, liaising with internal stakeholders to secure their approval
  • Worked with subject matter experts (SMEs) to source content for the programs and resources
  • Developed a workshop for financial planners regarding the provision of ongoing advice, along with session plans, role plays and scenarios, and learner and trainer resources
  • Adapted the workshop for large group delivery at an internal conference, and devised a short course for planner assistants
  • Liaised with an external vendor to produce three eLearning courses, including conducting story-boarding with the vendor on behalf of SMEs, preparing user acceptance testing plans, and managing delivery
  • Converted the eLearning courses into self-study programs for planners without internet access
  • Worked with stakeholders to clarify a process and system improvement, and to incorporate this into the learning package
  • Developed a workshop to introduce this process and system improvements to planners, along with job aids and reference guides
  • Presented to key internal stakeholders about the status of the project and its deliverables.

Business Impact

Work on the project continues, and TP3 is currently finalising the core elements of the project before commencing work on a second-phase project following our success to date.

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