Welcome to the impending Australian Civil War, which, given the Left's:
* Childish hysteria, unwillingness to accept ANY personal responsibility, and "Perpetual Professional Victimhood"; * Infiltration of institutions from and primary schools up to Senior "Public Disservants"; * Politicians of all stripes general ignorance, incompetence, outright stupidity, avarice, and rapacious greed;
IMO, is inevitable.
“Democracy is not a natural state of affairs”; life is biologically driven to “Survival of the Fittest’'” and “Law of the Jungle”, which is what is happening here, through “Lawfare”.
The main issue is not "Grandfathered Commission [or "Trailing Commission" or "Servicing Commission"]. All of those issues can easily be resolved [for example] by mandating that they be included in the Fee Disclosure Statement ["FDS"] regime.
BTW, “Trail Commission” was created in the mid-late 1980’s with a reduction in the “Upfront Commission” as a "Retainer" mechanism for Advisers to support clientele over the longer term with service and advice, and help move away from the purely transactional “Catch and kill”, which, [for example...] most lawyers, accountants, and other so called “professionals” use as a fee model, and which is being ignorantly imposed on the Financial Services Industry.
Financial Services is a very long term, transitional and transformational industry, not a transactional one.
1. The main issue here is the Government completely ignoring Constitutional limits on confiscating [“Resuming”...] property without just recompense;
2. A "Government" which ignores the most fundamental Founding Documents of a nation is a "Government" which is well on its way to totalitarianism.
You can philosophically argue policy, costs, and potential consequences.
You can't attempt to ignore and undermine the most fundamental aspects, founding documentation, and agreed cultural narrative of a law abiding society without serious consequences and precedents being created.
It is a blatant attempt to grab power and confiscate private property [an income stream]; worked for or bought and paid for legally. It is "Might Versus Right", and an unbridled attempt to see "What can we get away with".
This would only be the [already well advanced] start of the destruction of Australian society - just watch as "Type A" personality politicians grab more and more, until we are back in a bankrupt, class, caste, and aristocratically based society.
It is another step on the road to dictatorship and the breakdown of a democratic society, much like Venezuela gradually legislated and "Bought off" the Public Service, military, and other interested parties while the country descended into chaos, bankruptcy, and lawlessness. There are numerous other examples of abusive legislation. For example:
* Why and how did the Mortgage Broking Industry just recently manage to rebuff the Government’s intention to outlaw Mortgage Trailing Commission? Unfortunately, it was not calm, rational, systemic analysis – it was purely a demonstration of political power and determination...
* Why and how has the Government circumvented the Constitution for control of farmer’s land use, vegetation clearing, and without just compensation? They used legislative tricks, ostensibly devolving responsibility for implementing the Kyoto Agreements to the States, under the guise of “Environmental Legislation”? This is now being challenged in the High Court.
3. In addition, the fact that this is clear, obvious, and already documented [Treasury opinion pre FoFA – nothing has changed] is an even more blatant disregard for the law, democracy, good governance, and acting in the "Best Interests" of a Nation.
Anyone who can read legislation knows that there is more and more legislation "criminalising" basic civil activities across all aspects of life across Australia; mandating "Guilty Until Proven Innocent" [rather than the basic Western "Innocent Until Proven Guilty"]; and unilaterally imposing enormous penalties, all which can be implemented with the click of a mouse. This is “Bureaucratic Totalitarianism”.
In addition, to legally unwind this corrupt perversion takes years, sometimes decades [if at all possible], and usually has legal costs in the hundreds of thousands, often millions of dollars – all while the system gets pushed further and further off the path of democratic principles and good governance; while the citizenry trusts Government less and less; and while government evolves further and further into “Might is Right” totalitarianism.
The idea that a so called "Government" can simply write "law" confiscating private property without serious public consultation, creating alternatives, and compensation is LUNACY.
In addition, it is a clear abuse of power. The clear and obvious immediate beneficiaries are the Banks and large Institutions, because there is no way of unwinding existing bundled products without expending billions in software and computing costs, not to mention hurting clients.
Does anyone remember the convoluted "Super Surcharge" from the early 2000's, requiring enormous amounts of extra bureaucracy, individual calculations of ATI [Adjusted Taxable Income, etc]? Another boneheaded, costly, overcomplicated Treasury initiative... There were far easier, cheaper, less complicated solutions to a perceived political problem.
Although this may appear overly dramatic, this type of "Legislation” is the type of law which pushes people toward revolution and civil war. "Taxation Without Representation" was enough to start the American Revolutionary War. There have already been 16 documented suicides of Advisers.
4. The last really serious aspect [at least, to be outlined here!] of this perverted, corrupt "Legislation" is the reflection on our so called "Representatives".
How does this abomination of legislation and perversion of principle reflect on the politician’s ability to think, analyse, understand the legal, principled framework, and cascading consequences? Why are they "Going along to get along" with this corrupt abomination?
IMO, it is absolutely necessary to support the AIOFP "Constitutional Challenge", even if you think that there is justification for moving away from grandfathered commission. It is a FAR BIGGER social issue.
IMO, there is already an ongoing Australian Civil War of the Government and the ideologically driven "Public Service" against the citizenry - it just a question of how violent it is going to get.
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