Bowen calls for positive consultation
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The Federal Government has opened the way for the financial planning industry to give its input on the proposed changes to Australia’s financial advice regime, opening up a consultation forum.
The Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen, this week announced the opening up of the consultation period saying he would welcome “positive and mature industry response to these reforms, and broad support from the financial planning industry for improving the quality of financial advice”.
“This will go a long way towards building the trust and confidence of consumers in the industry,” the minister said.
Bowen made clear that a focal point of the consultation process would be the accountant’s exemption and the manner in which financial advisers were remunerated.
The consultation process will include information sessions to be conducted by the Department of Treasury in Sydney and Melbourne, which will be followed by what the minister described as “targeted consultation on key details”.
The Government has established a website covering the consultation exercise: http://futureofadvice.treasury.gov.au
AUTHOR
Mike Taylor
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