The Senate has voted in favour of amendments to financial advice (FOFA) laws. The changes include the removal of the requirement for an investor to opt-in for advice on a regular basis, removal of the catch-all best interest duty and watering down fee of disclosure rules. In a compromise move, the Government will require advisers to disclose to clients any payments they receive from product providers and give clients the right to return financial products under a 14-day cooling off period. The new regulations also also require that any instructions to alter arrangements must be in writing, signed by the client. Banking and wealth management software supplier Rubik Financial has appointed a new managing director to its banking division. The new MD is Bodo Mann, who has previously been a director of consultants Booz & Co. Mann has also held senior positions at Spencer Stuart, White Room Associates and GE Capital Europe. Rubik is going through a period of senior management change; former Boston Consulting Group MD Niek Hoogenhout was appointed chief executive in March. Business credit demand was largely unchanged during the June quarter, with an increase of just 0.5 per cent over the June quarter last year, according to the latest Veda business credit demand index. Business credit applications were down in the mining states. The best performing state was South Australia, followed by New South Wales and Queensland. Applications for asset finance were down, while trade credit applications and business loan applications rose.