July 10 – Trevor Thompson
The Coalition released it policy on the Future of Financial Advice.
Your vote is your own business. There does appear to be a modicum of common sense in this. Red tape generally means you pay more!
“The government has been unable to point to another example anywhere in the world where a government has sought to impose
a mandatory requirement on consumers to re-sign contracts with their financial advisers on a regular basis. Coalition Committee
members don’t support government attempts through this legislation to make Australia world champions in financial services red tape. The FOFA red tape envisaged in this legislation will increase the costs of financial advice for millions of Australians with
no or only very little commensurate consumer protection benefit. A government seeking to lead the world in imposing additional financial services red tape should at least submit those proposals to a proper cost-benefit assessment.”
By Trevor Thompson.
CFP DipFP
SENIOR PARTNER