Financial planners lobbying independents
Financial planner lobbying of the key independents in the House of Representatives has begun with a group of planners understood to have met with Port Macquarie-based independent Rob Oakeshott this week.
A similar delegation of planners is also expected to seek a meeting with Tasmanian-based independent Andrew Wilkie, seeking his support for crucial amendments to the Government's Future of Financial Advice (FOFA) bill introduced to the Parliament last week.
The two important amendments being sought by the planners relate to the proposed two-year "opt-in" arrangements, and the retrospective surprise of annual fee disclosure arrangements.
Oakeshott is understood to have been told by the planner delegation that, taken in combination, the opt-in provisions and the fee disclosure obligations will significantly increase red tape and therefore drive up the cost of delivering advice to ordinary consumers.
Both the Association of Financial Advisers and the Financial Planning Association (FPA) have expressed deep concern about the annual fee disclosure arrangements and the manner in which they are included in the proposed legislation without being part of the broader consultative processes.
The FPA has said that the fee disclosure arrangements and the two-year opt-in have made it impossible for the organisation to support the Government's legislation in its current form.
Money Management Top stories
News: Financial adviser annual disclosure fee breaches understandings
News: Matrix puts itself on the block
News: ISN backs annual fee disclosure imposition
Editorial: Govt's FOFA reforms a return to the 1980s
Opinion: Is China heading for a hard landing?
AUTHOR
Mike Taylor
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
