First real estate agents got into trouble with the Australian Securities and Investments Commission (ASIC) for writing to renters about early release superannuation and now NSW Liberal Senator and former Financial Services Council (FSC) policy executive, Andrew Bragg is being accused of the same behaviour.
An angry dispute has flared between Bragg and the Shadow Assistant Treasurer, Stephen Jones, over a letter which Senator Bragg wrote to constituents telling them about the availability of early access to their superannuation.
Jones has alleged that Bragg’s letter is tantamount to the provision of financial advice, while Bragg is arguing that it just an explanation of Government policy.
In his letter Bragg states: “Superannuation is a for a rainy day and today is the rainy day. The Government will continue to underwrite the age pension for most Australians so if you need your super now you should apply”.
Jones has said he be formally raising Bragg’s letter in terms of scheme promoters and providing false information.
Comments
This is good. If enough politicians realise how inoperable current regulations are, maybe they will do something about it.
So, a politician can give unlicenced advice and tell people to tap their retirement savings and it will all be OK cause there is an old age pension for all but if i gave that same advice I'd be smacked by ASIC. Looking forward to seeing how ASIC deal with this and prosecute the law evenly for all!
Will Stephen Jones also be formally raising the provision of unlicensed financial advice by thousands of union fund employees over many years? There must have been millions of incidents of illegal financial advice given by union fund employees encouraging consumers to switch into union funds. What has Jones done about that?
Nothing of course. Just like union fund employees, Labor politicians do what they are told to by union bosses.
Why does anyone take any notice of Bragg? He only became a senator in 2019.
Because he actually understands how the financial services industry works. That puts him well ahead of slimy Frydenberg and useless O'Dwyer. Hume also understands how it works, but sadly she seems to be all talk and no action. Unless Hume actually delivers something useful quick smart, Bragg should be given the job as financial services minister.
He understands to the extent of wanting to support his rich mates in twisting the superannuation system and the rest to that end. He doesn't let the interest of the financial advisors get in the way. He wants to remove any sort of protection of people's superannuation nest egg.
Interesting that the greatest union fund spruiker in Money Management's comment section has been so quiet lately. Rather than attempting to defend their indefensible behaviour in relation to deceptive product labelling, overallocation to illiquid assets, or early release fearmongering, it appears you have switched tactics to attacking the credibility of individuals in the government. Was that the union PR team gameplan for today?
why are you here stupid. state your qualifications in financial planning turd!
So sayeth anonymous.
When Andrew Bragg was Director of Policy at the FSC during the negotiations for the Life Insurance Framework he repeatedly slammed Risk Advisers and openly promoted the complete abolition of risk insurance commissions.
He fully supported John Trowbridge's ridiculous recommendations and signed off on FSC policy statements and media releases that the abolition of commissions would be the ultimate outcome for the consumer, provide an enhanced consumer benefit and increase the quality of advice.
This man is now playing hard ball in the Liberal Party and making a name for himself as fast as he possibly can.
If he still subscribes to his former beliefs we all should be very very worried if he gets anywhere near a position of power and ultimate decision making.
The outcome of the LIF, even as it is today, has been nothing short of a disaster and if Andrew Bragg's position is anywhere near where it previously was, it will spell the end in a rapid time frame.
Be very, very careful of Senator Bragg because his past is there for all to see and to judge him by.
Very well put.
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