Financial services industry welcomes elevation to inner Cabinet
Key sections of the Australian financial services industry have welcomed the fact that both financial services and superannuation have been elevated to the inner Cabinet with the promotion of Bill Shorten in yesterday's Cabinet reshuffle.
The Prime Minister, Julia Gillard, yesterday announced that Shorten would not only be elevated to Cabinet with his appointment to the Employment and Workplace Relations portfolio, but that he would be retaining responsibility for financial services and superannuation.
Shorten's retention of the financial services and superannuation roles is unusual because they traditionally sit as junior responsibilities under the Treasury portfolio.
Commenting on yesterday's development, Association of Financial Advisers chief executive Richard Klipin congratulated Shorten, and pointed out that the minister's promotion had taken financial services into the inner Cabinet.
"This is appropriate, given how important the issue is to the financial future of all Australians," he said.
Similarly, the Association of Superannuation Funds of Australia chief executive, Pauline Vamos, noted the elevation of superannuation to the inner Cabinet.
As well, she said the announcement provided necessary certainty and continuity for the industry amidst a significant period of reform.
Vamos said it also made an important connection between employment, workplace relations and superannuation.
Money Management Top Stories
Breaking News: Shorten gets mega-portfolio
News: FOFA effectively shortens opt-in
News: Clearview launches wrap platform
News: CommInsure launches underwriting tool for industry super fund members
Comment: Shorten's mega portfolio a reward for factional power
AUTHOR
Mike Taylor
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.
