Federal

Jul 3, 2014

FOFA repeal flaw means conflicted remuneration is back

A problem in the drafting of the government's FOFA repeal regulation means conflicted remuneration can continued to be paid to financial planners even in circumstances where the government claims it is prohibited.

Bernard Keane — Politics editor

Bernard Keane

Politics editor

Finance industry experts have spotted a major drafting problem in the government’s regulations repealing the Future of Financial Advice consumer protections that will enable conflicted remuneration to be paid to financial planners even in circumstances where the government claims it is prohibited.

4 comments

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4 thoughts on “FOFA repeal flaw means conflicted remuneration is back

  1. klewso

    And the progenitors of this government, under Howard, said the GST was going to white-out the black economy too?

  2. Jaybuoy

    all happening as Commbank continues to bankrupt its mostly elderly client base.. they do suffer from excruciatingly bad timing the current guvvie.. and Cormanns solution is for the swindled retirees to go and put a submission into that well known dismisser of scientific logic David Murrays inquiry who at least should have some intimate understanding of the crimes committed as he is an ex CEO and board member.. its a bit like sending Tamils off with the Sri Lankan Navy..

  3. klewso

    It is interesting watching as this government stone-walls against a royal commission into the goings on of the financial advisory/rip-off industry – while Murray (who was at the head of the CBA for such an “interesting” period) is doing work for them – managing another “inquiry to suit”?

  4. klewso

    And he’s another climate change “sceptic” – “verifying” the government’s scepticism?

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