FOFA bill not best practice - Federal Opposition
The Federal Government's Future of Financial Advice bill has breached its own best practice regulation requirements because it has not been subject to a regulatory impact analysis, according to shadow assistant treasurer, Mathias Cormann.
The Federal Opposition spokesman has referenced evidence given by Treasury officials to Senate Estimates confirming the lack of compliance in terms of a regulatory impact analysis and said this represented a "damning assessment" of its approach to opt-in".
He said the Government's Office of Best Practice Regulation had found that proposed changes like opt-in "were not assessed as adequate for the decision-making stage".
Cormann said the office had further found that the FOFA proposal was "non-compliant with the Australian Government's best practice regulation requirements".
The opposition spokesman repeated his claim that the legislation was being driven by the union-dominated industry super fund movement and claimed Assistant Treasurer, Bill Shorten, was deeply conflicted.
AUTHOR
Mike Taylor
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