Govt views on FOFA out before Christmas
The Federal Government should have a "road map" on where it is headed with changes to the Future of Financial Advice (FOFA) legislation before Christmas, according to the Assistant Treasurer, Senator Arthur Sinodinos.
Addressing a Financial Services Council (FSC) breakfast in Sydney, Sinodinos said that the underlying concern for the Government was the cost of advice and the manner in which FOFA, as currently structured, carried with it the danger of advice being made too expensive for some Australians.
He said there was the issue of too much regulation around FOFA and, where possible, it was the Government's intention to reduce costs.
Sinodinos said he expected to have a package to take to his Cabinet colleagues soon but that the underlying objective was to create a balance which ensured that consumers were able to both access and afford advice.
On the question of planner education and qualifications, the Assistant Treasurer signalled that he believed that this was a matter for the industry, rather than the Government seeking to impose particular requirements.
Recommended for you
WT Financial’s Keith Cullen is eager for its Hubco initiative to see advice firms under its licence trade at multiples which are catching up to those UK and US financial advice firms.
Sequoia Financial Group has revealed the scale of complaints lodged with the Australian Financial Complaints Authority relating to its role in the Shield Master Fund and First Guardian Master Fund collapses.
AMP chief executive, Alexis George, believes the North platform is on a forward trajectory after a period of “stagnation” and is targeting consistent quarterly growth in advisers.
The Financial Advice Association Australia has announced it will expand its approved specialisations program to broaden its range of qualification designations.
