Shorten gets mega-portfolio
Bill Shorten has been delivered a mega-portfolio by being elevated to Cabinet as Minister for Workplace Relations while retaining responsibility for both financial services and superannuation.
The move sees Shorten as one of the most powerful members of the Cabinet, although his responsibilities as Assistant Treasurer have been assumed by Mark Arbib.
Shorten's responsibility for both workplace relations and superannuation will place added emphasis on next year's review of the Fair Work Australia Act and will see him follow through on the implementation of the Future of Financial Advice (FOFA) reforms.
The Opposition said Shorten had been rewarded despite a year of failure.
AUTHOR
Mike Taylor
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
