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.
Recommended for you
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
In the run-up to heavy losses expected at the end of the financial year, June has already reported consecutive weeks of adviser losses.
ASIC has banned a former NSW adviser from providing advice for 10 years for investing at least $14.8 million into a cryptocurrency-based scam.
ASIC has sent warning notices to social media finfluencers who it suspects are providing unlicensed financial advice to Australians as part of a global crackdown by international regulators.
