Powered by MOMENTUM MEDIA
moneymanagement logo
 
 

Jones commits to enacting experience pathway

Labor/siaa/Stephen-Jones/

12 May 2022
| By Liam Cormican |
image
image image
expand image

Shadow minister for financial services Stephen Jones has assured the financial services community that Labor’s proposed ‘experience pathway’ will be implemented in the event of a minority government.

Appearing at a Stockbrokers and Investment Advisers Association (SIAA) webinar, Jones was asked whether he had any discussions with independents to ensure Labor’s promise to impose a degree carve-out for advisers with at least 10 years’ of experience would be met in the event of minority government.

“No, I haven't, in short, and you shouldn't be worried about that,” he said.

He said Labor’s proposal could still be enacted through existing ministerial powers and regulatory powers.

“So, no primary legislation would be needed. I'll take advice on that. But my initial thinking and analysis is we don't need primary legislation.

“And if that's the case, yes, it'd be a disallowable instrument, but I've got to say it'd be a courageous Senate that [would try] to block it.”

Jones said Labor’s experience pathway policy would be enacted “pretty quickly” if the party was elected.

“Unless you move on quickly, it becomes a bit redundant so we want to make sure that it's in place and up and running.”

He also said he thought the election resulting in a Labor minority government was unlikely.

“I think it's going to be easier for Anthony Albanese to get to 76 seats in this Parliament at the end of this election period than it will be for Scott Morrison,” he said.

“I'm not taking anything for granted. And I'll be back out on the hustings as soon as I finished with you guys.”

Jones said in the event that he was wrong and Labor had to form government with the support of crossbenchers, a coalition agreement would not be made.

“If you support us on legislation by legislation, fine, but we're not going to try and get a full coalition agreement with [crossbenchers],” he said.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

The succession dilemma is more than just a matter of commitments.This isn’t simply about younger vs. older advisers. It’...

5 days 10 hours ago

Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

4 weeks 2 days ago

It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

1 month ago

ASIC has released the results of the latest adviser exam, with August’s pass mark improving on the sitting from a year ago. ...

1 week 1 day ago

The inquiry into the collapse of Dixon Advisory and broader wealth management companies by the Senate economics references committee will not be re-adopted. ...

2 weeks 1 day ago

While the profession continues to see consolidation at the top, Adviser Ratings has compared the business models of Insignia and Entireti and how they are shaping the pro...

2 weeks 3 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND