Bowen points to policy differences
Stark differences exist between the financial services policies of the Government and the Coalition, according to the Minister for Financial Services, Chris Bowen.
Addressing the Financial Services Council conference in Melbourne, Bowen warned that a raft of key policy initiatives would be scrapped if the Government was not returned on 21 August.
He listed among the policy initiatives at risk the establishment of Australia as a regional financial services hub, the lifting of the super guarantee to 12 per cent and the closing of the retirement savings gap.
At the same time the minister called on the Opposition to declare its policy on superannuation before Australians went to the polls.
He said the leader of the opposition, Tony Abbott, had promised a comprehensive super policy but, to date, one had not eventuated.
“There are just 10 days till polling day and I call on the opposition to present a detailed policy,” Bowen said.
On the issue of the value of advice, the minister said he believed it was a good thing provided it was in the best interests of clients.
He said that while some bad apples had needed to be weeded out, he believed the planning industry was both professional and in good shape.
AUTHOR
Mike Taylor
Recommended for you
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
Australian investors are more confident than their APAC peers in reaching their financial goals and are targeting annual gains of more than 10 per cent, according to Fidelity International.
Zenith Investment Partners has lost its head of portfolio solutions Steven Tang after 17 years with the firm, the latest in a series of senior exits from the research house.
