ISA’s Whiteley attacks banks on advice
Industry Super Australia (ISA) chief executive, David Whiteley has claimed the major banks are lobbying for the return of sale commissions for financial advice and compulsory super.
In a statement released on the ISA website, Whiteley has said the Government should "reject efforts by bank-owned super funds to dilute consumer protections in financial advice and remove the quality filter for super defaults".
"This particular challenge will be front and centre again this Thursday, when the proposal to abolish key Future of Financial Advice (FOFA) consumer protections is examined by the Senate Economics Committee," Whiteley's statement said.
"The major banks are lobbying for the return of sale commissions for financial advice and compulsory super, dilution of the best interests test and the ability to pay financial planners indefinite ongoing percentage based fees," he said.
The statement claimed the major banks were lobbying for the return of sale commissions for financial advice and compulsory super, dilution of the best interests test and the ability to pay financial planners indefinite ongoing percentage based fees".
It said the FOFA laws, in their current form, were estimated to deliver an additional $144 billion in aggregate savings by 2027.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
