Cormann a loss to financial services
The announcement that the Minister for Finance, Senator Mathias Cormann will be exiting politics before the end of the year means the Government will be losing the services of a minister with a deep knowledge of the financial services industry.
Cormann covered the financial services portfolio in opposition and again in Government during the Prime Ministership of Tony Abbott when he carried the job alongside his finance portfolio responsibilities during the illness of Senator Arthur Sinodinos.
What is more Cormann was one of leading voices in seeking key amendments to the Labor Government’s Future of Financial Advice (FoFA) changes during the Abbott Government albeit that, ultimately, the Government could not muster the numbers to sustain regulatory and other changes in the Senate.
Cormann is scheduled to exit the Senate in around October.
Recommended for you
More than 25 winners have been announced at the second annual Australian Wealth Management Awards.
A former financial adviser has been extradited from New Zealand after being alleged to have misappropriated $4.1 million from 13 clients.
Adviser numbers have continued the winning streak for the 2025–26 financial year with the seventh consecutive week in the green, buoyed by a steady flow of new entrants.
Netwealth chief executive Matt Heine has explained the platform is focused on accelerating its share of the affluent advice market as its NPAT reaches $116 million.
