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Jun 17, 2014

Government committee insists ‘nothing to see here’ on gutting of FOFA

The government has flagged it will push on with attempts to gut financial advice consumer protections even as financial advice regulation has gone into meltdown.

Bernard Keane — Politics editor

Bernard Keane

Politics editor

The government has flagged it will give no ground in its attempt to repeal the Future of Financial Advice consumer protection package, with a remarkable Senate committee report that recognises industry concerns but refuses to recommend any measures to address them.

8 comments

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8 thoughts on “Government committee insists ‘nothing to see here’ on gutting of FOFA

  1. Brian Williams

    The destruction of the original FOFA reforms would be a mighty betrayal of that section of the public who are not comfortable in managing their own investments, but who rely on the advice of ‘professionals’ to do so.

    One can only hope that Clive Palmer and his cohorts see this insidious proposal for what it is, and vote it down in the Senate

  2. bushby jane

    As I understand it, it is not going to make the Senate as Abbott and co are going to slip it through as ‘regulation’ before Gillard’s changes are made law in July. Am I correct?
    This mob is so scary that I wonder how we are going to survive another 2 years of them.

  3. The Pav

    Sinodinos is a key part of the North Shore Forum….A liberal Party Fund raising entity
    Sinodinos is a former NAB senior exec.
    Only one bank contributes to the North Shore Forum.(according to the released data).The NAB
    Sinodinos introduces that evrybody except one special interest group says is bad for consumers.
    That group is the Big Banks
    The group most benefited by Sinodinos’ legislation is …THE BIG BANKS
    Sinodinos get mixed up with a dodgy company in NSW

    Coincidence or not?

  4. Peter Watson

    Sin odinos. A pity there is no federal ICAC to allow voters to gauge the honesty or otherwise of their politicians.

  5. klewso

    Then these finance weasels can donate more to the Limited News Party government?
    Imagine how the Pension will be creaking under the weight of the extra impost afforded when these stoats suck those nest egg assets dry?

  6. Dogs breakfast

    Can someone point me to just one voter who isn’t currently earning conflicted remuneration who supports these amendments.

    And if so few voters are asking for these ‘reforms’, just why is it that in a democracy a government is putting forward a provision that favours so few of the general public.

    We need more than ICAC, we need a whole new system of government. This government by the big corporate, for the big corporates, is anathema to what democracy is supposed to be doing.

    The entire freaking system is broken.

  7. linda

    why let Xenophon off the hook so easy? he’s on the committee – & in fact its NOT “government dominated” if you look at the numbers. But silence from the brave independent. Why does everyone let that lightweight tool get away with it?

  8. Daly

    Bought by the big banks and the finance industry who love to shear the sheep, those on superannuation.

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