Govt still committed to FOFA changes
The Government will continue to pursue its Future of Financial Advice (FOFA) changes and is not walking away from the issue, according to the Minister for Finance and Acting Assistant Treasurer, Senator Mathias Cormann.
Cormann has denied suggestions that the Government may walk away from its FOFA changes because they have become politically unpalatable.
Speaking on national radio, Cormann said that the Government had taken the changes to the last Federal Election and that no one within the Government had approached him to suggest that the changes should no longer be supported.
"Really what we are focused on is removing unnecessary and costly red tape which pushes up the cost of advice for people across Australia who are saving for their retirement," he said.
"Last week the Senate did vote to disallow the FOFA regulations, the legislation in relation to FOFA remains before the Senate," Senator Cormann said. "We will now, given what has happened last week, return to discussions with relevant crossbench Senators to see as to what extent there is common ground for sensible improvements."
"Our commitment ultimately is to ensure that we have got the right balance between strong consumer protections but also making sure that access to high quality advice for Australians remains as affordable as possible," he said.
Recommended for you
With a large group of advisers expecting to exit before the 2026 education deadline, an industry expert shares how these practices can best prepare themselves for sale to compete in a “buyer’s market”.
Australia has marked a decade among the best countries for retirement, according to Natixis, but with high inflation threatening their retirement goals, a third say they would get professional advice to improve their chances.
When it comes to the risks of acting as a responsible manager at an AFSL, compliance firm Holley Nethercote has shared a range of red flags that could see them facing disciplinary action from the corporate regulator.
Wealth management platform provider Netwealth has announced a partnership with FinClear to streamline trading capabilities for advisers.
