Common ground on some FoFA laws

The Abbott government has reached an agreement with the opposition on elements of its failed financial advice regulations.

The Senate last week unexpectedly overturned the government's future of financial advice or FoFA regulations, which were amendments to laws made by the former Labor government.

Finance Minister Mathias Cormann said this new agreement allows specific elements to be remade in a new regulation.

Financial Services Council director of policy Andrew Bragg said the bipartisan agreement provides "certainty and stability" for small businesses in the financial advice industry.

In particular, so-called grandfathering arrangements will allow financial advice businesses to be sold without losing considerable value.

"This is good news for small businesses as they will not be subject to unfair, retrospective losses," Mr Bragg said in a statement.

Financial Planning Association of Australia chief Mark Rantall said grandfathering plays an important role in maintaining competition.

"Our position has always been that FoFA should provide a better financial future to all Australians and we have advocated that the laws be beneficial for consumers, but also workable for financial planners," Mr Rantall said.

Other agreed changes include an exemption to ensure education and training is not treated as conflicted remuneration, amendments to accountants' certificate renewal period and brokerage-related provisions.

Senator Cormann said regulation for the agreed elements will be remade by the government before the end of the year and will commence the day after it is registered.