Mar 25, 2014

Did the pensioners save financial consumer protection?

Opposition from two key groups created a major impediment to the government's repeal of FOFA. And both, surprisingly, are Coalition heartland.

Bernard Keane — Politics editor

Bernard Keane

Politics editor

Opposition from two key sources is likely to have driven the government’s “pause” on its repeal of the Future of Financial Advice reforms: from financial planners themselves, and from pensioners.

Concerns about the repeal package have been widespread: Industry Super Network has led a campaign against it; consumer groups have criticised it; much of the business press has savaged it. But two critics stand out in terms of their impact.

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10 thoughts on “Did the pensioners save financial consumer protection?

  1. klewso

    How close has this government become to certain sections of that heavy-weight lobbying industry – this policy championed as it was by Sinodinos, with his record for such craft?
    Let’s see how fair dinkum they are after the WA senate election – where electors can settle down for now in the lull of this “decision”?

  2. MJPC

    BK, I would like to support your suppositions however, this governments actions to this point on a number of policies just don’t support it.
    Whilst the blue rinse set may be worried about their super funds if the FOFA is canned (and rightfully so), Citizen Abbott and his crew are suitably vague on a number of future directions because of the WA senate re-elections coming up (penalty rates being another).
    The Cormannator will lie through his teeth and prevaricate prior to the election (to confuse the proletariat) and, when the polling booths close, will implement what he intends because there are more powerful intererests at work to get rid of the FOFA than some pensioners who were dudded of their future by some shonky banks who have never been called to account.

  3. paddy

    Given this Govt’s amazing ability to stuff things up….
    I’d be waiting until the results of the WA Senate election are finalised, before making *any* predictions about what they’ll do next.

  4. Andybob

    This gummint’s ability to perform successive backflips in quick succession in various directions is worthy of an Olympic medal. Gold to Pyne with the Cormann/Sinodinos double tipped for a close silver.

  5. Richard

    This Government can’t even get being evil right.

  6. AR

    It was quite surreal listening to Senate QT this arvo, Cormann holding the floor explaining how the iniquitous changes they sought to abolish were costing poor pensioners more AND the resistance was purely a ploy by the ALP to benefit Industry Funds, ie unions coffers.
    Truly, the government (pretends to)exist in some parallel universe, off planet doesn’t cover it if it seriously believes that the punters believe such nonsense.

  7. klewso

    “Ve haf vaze of making yew belief!”

  8. rhwombat

    AR: I don’t think Toady’s work experience kids get that some of us can add 2 and 2 and not get whatever Rupert wants it to make.

  9. Jaybee

    I want crikey or four corners to follow up on klewso’s question.

  10. MJPC


    Of course the Cormannator would say that. Industry funds work for their members, unlike other funds (banks and other financial institutions) which work to make the billion$ profits we see every quarter from the banks etc.
    Two I have dealt with (Challenger and NAB) ripped me off mercilessly with fee’s; never again.
    The financial instuitutions are busting their guts to get into this source of cash and if this Government has any say will assist them every point along that sorry (for contributors) road

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