Govt has downgraded financial services – Cormann
The Federal Opposition has accused the Prime Minister, Kevin Rudd, of having downgraded the Financial Services and Superannuation portfolio by defining the relevant minister, David Bradbury, as the "Minister Assisting the Treasurer" rather than having a full grasp on role.
The Shadow Assistant Treasurer, Senator Mathias Cormann, claimed the Rudd Labor Government had "significantly downgraded the importance of financial services and superannuation by eliminating a Minister with dedicated responsibility".
"The Treasurer's responsibilities have always included financial services and superannuation," he said.
"However, in the past a dedicated Minister had specific responsibilities for this important area. Instead, the Government has decided to downgrade financial services and superannuation to a mere ‘Minister Assisting' position."
Cormann claimed this continued the progressive downgrading of financial services and superannuation under the current Labor government, with a part-time Financial Services and Superannuation Minister in Bill Shorten over the past year.
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
