ALP’s Swan backs value of advice
The Federal Opposition has provided a boost to the financial planning industry, with Shadow Treasurer Wayne Swan telling the Investment and Financial Services Association (IFSA) that the Australian Labor Party recognises the value of advice.
Addressing and IFSA function in Canberra this week, Swan not only acknowledged the growth in the financial advice industry and the contribution it had made to retirement living standards but also strongly backed the IFSA push for a more competitive withholding tax regime.
He said by removing an uncompetitive tax burden, Australia would be better positioned to compete in the global managed funds industry.
Swan said as well as ensuring an internationally competitive tax regime, the Opposition was committed to ensuring a more efficient regulatory framework.
“In the world of financial services, London, Hong Kong and Singapore are our competitors,” he said. “We should be looking very closely at their regulatory systems to see what works. As in those countries, we must instil in our peak regulators a culture of efficient regulation.”
AUTHOR
Mike Taylor
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