The ASU is pleased the Federal Government has heeded concerns from the union movement, superannuation funds, seniors groups, consumer group Choice and financial advisors themselves, amongst many others, about their plans to change Future of Financial Advice (FoFA) consumer protection laws.
Finance Minister Mathias Cormann announced yesterday that he will go back to stakeholder groups to discuss the changes.
We hope that common sense will prevail and that ordinary Australians will continue to be protected from "conflicted" financial advice by the FoFA laws – the Federal Government must step back from undoing those protections.
"Keeping clients' best interests at the heart of providing financial advice seems very obvious to us," said ASU National Secretary David Smith.
"We don't want to see a repeat of financial disasters like Storm and Opes Prime where ordinary people had their life savings and retirement plans obliterated."
Read ASU background article: Tony Abbott wants to take your “best interests” out of financial advice regulations, 4 March 2014
Media: Coalition puts financial advice rule changes on hold, by Peter Martin and Gareth Hutchens, The Age, 25 March 2014