Flawed regulations threaten to leave financial industry frozen
Regulations for the government's key Future of Financial Advice reforms may leave conflicted remuneration-like commissions in place. Bill Shorten is scrambling to plug the hole.
Federal
Dec 20, 2012
The complex regulations implementing the government’s critical Future of Finance Advice Reforms may permit financial advisers to continue providing conflicted financial advice even to new clients, causing concern across the financial services industry.
A key element of the Future of Financial Advice reforms successfully maneuvered through Parliament by Financial Services Minister Bill Shorten earlier in the year is a ban on “conflicted remuneration”, including commissions, by financial advisers, to end the long-running practice of financial advisers channelling clients into products from which they derive a fee.
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Just imagine if we had an opposition that was truely holding the govt to account rather than one that just muck raked.
They could have really scored some political points and established their credntials to govern if they had laid bare this issue.
Trouble is that would have required some reading and some hard work. Yet again the Tony Abbott led LNP fails Australia