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
As the year draws to a close, a new report has explored the key trends and areas of focus for financial advisers over the last 12 months.
Assured Support explores five tips to help financial advisers embed compliance into the heart of their business, with 2025 set to see further regulatory change.
David Sipina has been sentenced to three years under an intensive correction order for his role in the unlicensed Courtenay House financial services.
As AFSLs endeavour to meet their breach reporting obligations, a legal expert has emphasised why robust documentation will prove fruitful, particularly in the face of potential regulatory investigations.
