Feb 19, 2014

ASIC on FOFA rollback: Abbott changes ‘preserved the principles’

ASIC boss Greg Medcraft was playing a straight bat today, questioned on the Abbott government's rollback of financial advice reforms he supports. He reckons the principles are still there.

Paddy Manning

Crikey business editor

Pressed repeatedly by Labor Senator Sam Dastyari, the chairman of the Australian Securities and Investments Commission Greg Medcraft nevertheless refrained this morning from criticising the federal government's proposed rollback of the Future of Financial Advice reforms at a long-awaited economics committee inquiry into the performance of the corporate regulator.

Medcraft said the reforms would preserve key elements of the previous FOFA package -- including a ban on conflicted remuneration for personal financial advice, and a test to ensure advisers were acting in their clients' best interests.

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One thought on “ASIC on FOFA rollback: Abbott changes ‘preserved the principles’

  1. Bill Hilliger

    Given the recently highlighted knowledge of how the retail funds behave toward their investors only fools would continue to invest with retail funds.

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