Financial services industry had too much influence over Liberals
The financial services industry has, in the past, had too much influence over the Liberal Party and industry superannuation funds have too much influence over the Labor Party today, according to NSW Liberal Party Senator, Andrew Bragg.
In doing so, Bragg conceded that Liberal politicians had been wrong to resist the Future of Financial Advice (FoFA) changes and the calling of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
Participating in an online debate sponsored by the Association of Superannuation Funds of Australia (ASFA), Bragg sought to defend his position on superannuation by claiming that it was independently arrived at and was not the product of external influences.
In doing so, Bragg suggested that the Australian Labor Party (ALP) was wrong in defending the manner in which industry superannuation funds had been prepared to fund media outlets such as The New Daily and advertising campaigns undertaken by Industry Super Australia (ISA).
He claimed such funding represented a breach of the sole purpose test.
Bragg was participating in the ASFA debate facing Australian Labor Party backbencher, Dr Daniel Mulino.
Recommended for you
Despite the year almost at an end, advisers have been considerably active in licensee switching this week while the profession has reported a slight uptick in numbers.
AMP has agreed in principle to settle an advice and insurance class action that commenced in 2020 related to historic commission payment activity.
BT has kicked off its second annual Career Pathways Program in partnership with Striver, almost doubling its intake from the inaugural program last year.
Kaplan has launched a six-week intensive program to start in January, targeting advisers who are unlikely to meet the education deadline but intend to return to the profession once they do.
