Palmer calls for FOFA to revisit super
Clive Palmer believes Future of Financial Advice (FOFA) laws have overlooked superannuation funds, expressing fears that the protection of industry super fund members could be in jeopardy.
The Palmer United Party (PUP) MP said it is critical that any revision of FOFA laws apply the same protection standards to super fund members as it does to general advice recipients and said the existing model shows bias towards "union-managed funds".
"The current financial advice laws brought in by Labor have failed to protect industry super funds and are biased towards union-managed funds, which needs to be corrected," he said.
He said fund members of industry and retail super funds should have the same mechanisms in place to protect their assets.
"I call on both parties to reach a consensus on this matter to ensure all Australian's super funds are equally protected," he said.
"We must have a system where the best interests of all clients are taken into account."
AUTHOR
Staff Writer
Recommended for you
Government has introduced a bill to Parliament to legislate the first stream of the QAR reforms.
ASIC now has a 1:1 ratio when it comes to court success in the enforcement of crypto activities and more action is expected as Treasury seeks to introduce a regulatory framework.
A leading governance body has hit out at “specialist interest groups proposing ad hoc law reform” when it comes to reforms of financial services legislation and believes an independent body is needed.
The release of ALRC’s final report into financial services legislation has highlighted financial advice as a “significant” focus as it seeks to reduce costs and help advisers understand their obligations, alongside the Quality of Advice Review.
