Govt views on FOFA out before Christmas
The Federal Government should have a "road map" on where it is headed with changes to the Future of Financial Advice (FOFA) legislation before Christmas, according to the Assistant Treasurer, Senator Arthur Sinodinos.
Addressing a Financial Services Council (FSC) breakfast in Sydney, Sinodinos said that the underlying concern for the Government was the cost of advice and the manner in which FOFA, as currently structured, carried with it the danger of advice being made too expensive for some Australians.
He said there was the issue of too much regulation around FOFA and, where possible, it was the Government's intention to reduce costs.
Sinodinos said he expected to have a package to take to his Cabinet colleagues soon but that the underlying objective was to create a balance which ensured that consumers were able to both access and afford advice.
On the question of planner education and qualifications, the Assistant Treasurer signalled that he believed that this was a matter for the industry, rather than the Government seeking to impose particular requirements.
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