Maher critical of Government inaction
The Federal Government has been taken to task for causing consumer uncertainty by taking an undue amount of time to deliver a new legislative framework covering the financial services industry.
The accusation of undue delay was levelled by the chairman of the Financial Services Council and Group Head of Banking and Financial Services at Macquarie Bank, Peter Maher.
Maher used his opening address to the FSC annual conference on the Gold Coast to lament the on-going consumer uncertainty attached to the Government’s prolonged legislative deliberations around the Future of Financial Advice (FOFA) change, and the recommendations of the Cooper Review.
He said the Government’s approach had led to industry uncertainty about the future of the financial services industry and the parameters within which companies would need to operate.
“This uncertainty is affecting consumer confidence in our industry,” Maher said.
He also claimed recent research had indicated the Government’s approach was undermining consumer perceptions of the value good financial advice could add to their ultimate outcomes.
Notwithstanding its concerns about the Government’s approach, Maher said the FSC would be strongly supporting the Government’s push to lift the superannuation guarantee from the current nine per cent to the envisaged 12 per cent,.
“We will be supporting the Government’s endeavours to make this happen,” he said.
AUTHOR
Mike Taylor
Recommended for you
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.
Morningstar has made two business development appointments to drive the growth strategy of its financial advice software, AdviserLogic.
