FSC, SPAA welcome Coalition 'stability'
Industry organisations have called on the incoming Coalition Government to stand by its promise of restoring stability to the sector.
The Financial Services Council (FSC) and the SMSF Professionals' Association of Australia (SPAA) said they both plan to work closely with the new Government to help achieve consumer and superannuation certainty.
The FSC said the biggest challenge would be ensuring Parliament respected the Government's legislative mandate.
"This Government has received a clear majority from the electorate that must be respected by the Parliament," John Brogden, CEO of the FSC said.
"We look forward to working with the new Government to develop long-term policies and to continue working constructively with the opposition," he added.
SPAA CEO Andrea Slattery said she was heartened by the incoming Government's promise of "no detrimental changes to superannuation" and supported the continued focus on long-term priorities.
"We strongly believe that as far as possible, superannuation should be above short-term budgetary political pressures as it is a lifetime commitment that has the goal of reducing the long-term costs to Government and allowing people to retire with dignity.
"SPAA welcomes the Coalition's commitment to not introduce any negative changes to the system, and we will continue to advocate strongly those measures we believe will have a positive effect," she added.
Recommended for you
ASIC has issued a warning to financial advisers to ensure they are complying with client consent requirements when entering into ongoing fee arrangements.
In the same way psychologists offer guidance amid volatile periods, financial advisers also provide emotional counsel to clients during market swings, says Escala Partners.
Initially developed more than two decades ago, Fitzpatricks Advice Partners has “revamped and relaunched” its flagship development program.
Over 20 per cent of advisers plan to increase their allocations to private equity and credit in the next six months as they grow bearish on US and Australian equities.
