Jones commits to enacting experience pathway
Shadow minister for financial services Stephen Jones has assured the financial services community that Labor’s proposed ‘experience pathway’ will be implemented in the event of a minority government.
Appearing at a Stockbrokers and Investment Advisers Association (SIAA) webinar, Jones was asked whether he had any discussions with independents to ensure Labor’s promise to impose a degree carve-out for advisers with at least 10 years’ of experience would be met in the event of minority government.
“No, I haven't, in short, and you shouldn't be worried about that,” he said.
He said Labor’s proposal could still be enacted through existing ministerial powers and regulatory powers.
“So, no primary legislation would be needed. I'll take advice on that. But my initial thinking and analysis is we don't need primary legislation.
“And if that's the case, yes, it'd be a disallowable instrument, but I've got to say it'd be a courageous Senate that [would try] to block it.”
Jones said Labor’s experience pathway policy would be enacted “pretty quickly” if the party was elected.
“Unless you move on quickly, it becomes a bit redundant so we want to make sure that it's in place and up and running.”
He also said he thought the election resulting in a Labor minority government was unlikely.
“I think it's going to be easier for Anthony Albanese to get to 76 seats in this Parliament at the end of this election period than it will be for Scott Morrison,” he said.
“I'm not taking anything for granted. And I'll be back out on the hustings as soon as I finished with you guys.”
Jones said in the event that he was wrong and Labor had to form government with the support of crossbenchers, a coalition agreement would not be made.
“If you support us on legislation by legislation, fine, but we're not going to try and get a full coalition agreement with [crossbenchers],” he said.
AUTHOR
Liam Cormican
Recommended for you
A former Northern Territory financial adviser has received a seven-year ban from ASIC, having been convicted of supplying dangerous drugs and receiving or possessing the proceeds of their sale.
Both Bain Capital and CC Capital have made revised bids for Insignia Financial after completing a period of due diligence.
The advice industry has reached triple-digit gains for the calendar year to date, with two licensees seeing gains of five during the week.
Targeting market leadership in digital advice, Bravura’s digital solutions are now available to over 6 million superannuation fund members.
