ISA’s Whiteley attacks banks on advice
Industry Super Australia (ISA) chief executive, David Whiteley has claimed the major banks are lobbying for the return of sale commissions for financial advice and compulsory super.
In a statement released on the ISA website, Whiteley has said the Government should "reject efforts by bank-owned super funds to dilute consumer protections in financial advice and remove the quality filter for super defaults".
"This particular challenge will be front and centre again this Thursday, when the proposal to abolish key Future of Financial Advice (FOFA) consumer protections is examined by the Senate Economics Committee," Whiteley's statement said.
"The major banks are lobbying for the return of sale commissions for financial advice and compulsory super, dilution of the best interests test and the ability to pay financial planners indefinite ongoing percentage based fees," he said.
The statement claimed the major banks were lobbying for the return of sale commissions for financial advice and compulsory super, dilution of the best interests test and the ability to pay financial planners indefinite ongoing percentage based fees".
It said the FOFA laws, in their current form, were estimated to deliver an additional $144 billion in aggregate savings by 2027.
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