Coalition recommits to FOFA changes
The findings of the Ripoll Inquiry had become lost in their translation into the Future of Financial Advice (FOFA) changes, according to senior Coalition parliamentarian Paul Fletcher.
Addressing a Money Management/Association of Financial Advisers (AFA) breakfast in Sydney, Fletcher said he believed the opt-in provisions and retrospective fee disclosure had been particularly problematic.
With Industry Super Network (ISN) chief executive David Whiteley in the room, Fletcher said it was easy to see why the ISN had been the key promoter of opt-in.
He said while opt-in would impact the activities of independent financial advisers, it would have little or no impact on the planning model pursued by the industry funds.
Fletcher reiterated the Coalition's intention of amending a number of elements of FOFA, including opt-in.
Elsewhere in his address, Fletcher signalled a Coalition Government would be looking to open up the default funds under modern awards regime to more competition, at the same time as looking to remove the impediments to the taking of income streams.
AUTHOR
Staff Writer
Recommended for you
Single adviser-led firms continue to expand their footprint in the Australian advice ecosystem, Adviser Ratings research shows, as market conditions prove favourable for boutique practices.
With HNW investors representing the largest market for alternative assets, Praemium and CoreData research underscores why this presents a compelling opportunity for advisers.
Having completed the successful integration of Diverger, Count has upgraded its forecast for expected synergy benefits achieved by the acquisition by a third.
Australia’s largest licensee has seen the biggest number of adviser losses over the past week, while the expected wave of new entrants has boosted overall adviser numbers.
