Companies

May 26, 2014

Government’s support for FOFA repeal looking thinner than ever

The banking cartel is the only remaining supporter of the government's repeal of FOFA -- and its defence is getting increasingly difficult.

Bernard Keane — Politics editor

Bernard Keane

Politics editor

When the government returns to its efforts to repeal the Future of Financial Advice reform package, it will do so with only the support of the Financial Services Council and the Australian Bankers Association, after further manoeuvering last week by key players.

Last Thursday, the Financial Planning Association re-affirmed its opposition to the restoration of commissions in a wide-ranging White Paper on the future of the financial planning profession. It was the FPA’s opposition to commissions for financial advisers that helped stop the government’s original push to gut FOFA in March, after Assistant Treasurer Arthur Sinodinos was forced to stand aside.

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5 comments

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5 thoughts on “Government’s support for FOFA repeal looking thinner than ever

  1. Steve777

    It makes you wonder whose interests this Government serves.

  2. Ian Roberts

    I’m in absolutely no doubt.

  3. Dan B

    This, and all Governments..

  4. Michael Packman

    Bad policy based on ignorant ideology and nepotism. Evil bastards.

  5. klewso

    When their Great White mate’s have finished with our super, and with Toady and Shonkey watching on in disbelief “that such an unthinkable thing could happen”, we can all make our way to Pension Cove paddling with what alms they’ve left us, to lick their wounds – and to see what they want to feed us?

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