Sinodinos sends signal on conflicted remuneration
Sinodinos signals changes on FOFA conflicted remuneration based on more specifics.
The Federal Government has signalled that it will be making changes to some of the conflicted remuneration elements of the Future of Financial Advice legislation.
The changes were signalled by the Assistant Treasurer, Senator Arthur Sinodinis who said that the Government's objective was to maximise the number of people who can access financial advice.
In a pre-recorded interview with Association of Superannuation Funds of Australian chief executive, Pauline Vamos, Sinodinos referenced the conflicted remuneration elements of the FOFA legislation and the need for greater specificity around the issue.
"We want to be more specific about the mischief there [conflicted remuneration]," he said.
Sinodinos said a priority for the Government was reducing the compliance costs associated with FOFA.
On the question of default funds under modern awards, the minister said the intention was to maximise competition but that in addressing the issue the Government would not be adopting an ideological approach but, rather, developing its position based on the evidence of the industry.
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