Jul 23, 2014

Why you should care about FoFA, even if you have no money to manage

The government's Future of Financial Advice reforms are law (just about). But what do they actually mean? And if you don't have a financial adviser, why should you care? Crikey's business editor breaks it down.

Paddy Manning

Crikey business editor

After Clive Palmer backed down last week the government’s Future of Financial Advice (FoFA) reforms are law … well, sort of. We take you through the nitty-gritty in the law — what’s changed, and what it means.

What is happening with the act?

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7 thoughts on “Why you should care about FoFA, even if you have no money to manage

  1. Brian Williams

    One of the most despicable actions undertaken by any Australian government in recent memory.

  2. SusieQ

    Its so obvious that the government is pandering to the big banks and yet has done nothing about the CBA scandal – how silly do they think we all are?

  3. Daly

    This disgraceful rip off of ordinary Aussie’s compulsory superannuation, unbeknownst to them, was stalled by the finance sector and banks for the whole time of the ALP governments. They were waiting for the LibNats who just did their bidding.
    It is corruption. I like the idea that each financial advisor sends a monthly or quarterly bill, including tails etc, to each client for the services provided. It wouldn’t take long for the whole mess to be cleaned up and the financial services sector to start earning incomes like the rest of us instead do being millionaires off the backs of average wage earners.

  4. bushby jane

    Palmer has got a lot of dirt on his hands over this too.

  5. Anna Power

    If we had reasonable journalism in the tabloid format more ordinary Australians could be informed of the disgraceful exploitation they are experiencing unbeknownst to them. Where is A Current Affair when you really have a story of wide scale ripping off ?

  6. Liamj

    Thanks for summary PM, keep it up. Agree with all that is it despicable pandering by LNP & PUP.

    Upside: its powerful ammo for engaging with elderly fools who say ‘theres no difference between the major parties’.

  7. MJPC

    Excellent article for excplaining this sorry spectacle. Where is the mainstream media analysis such as this? No, their owners are adverse to criticise their major advertisers. When the next scandle breaks (and it will) who will they blame?
    Capitalism is a curse where citizenry pay for the mistakes of the rich.

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