On 26 April 2010, the Government announced the Future of Financial Advice (“FOFA”) reforms. The reforms are aimed at enhancing consumer protection and raising trust and confidence in the financial advice industry. The exposure draft provides the legislative detail around key FOFA measures, including the statutory best interests duty, compulsory renewal requirement (opt-in), and the enhancement of ASIC’s powers.  The Explanatory Material explains, in broad terms, how these parts of the reforms will apply to advice businesses and consumers.