Industry welcomes Bowen appointment

Key financial services organisations have welcomed the new Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen, to the portfolio and paid tribute to Senator Nick Sherry who has been appointed assistant treasurer.

The changes resulted from the Cabinet reshuffle announced by the Prime Minister, Kevin Rudd, on Saturday. The elevation of Bowen to the inner Cabinet and a dual portfolio encompassing both Financial Services and Human Services means that he is the single biggest winner from the reshuffle.

By comparison, Sherry has lost the portfolio elements — superannuation and corporate law — which were regarded as his speciality and something over which he had carriage during the period the Australian Labor Party was in opposition.

Commenting on the Cabinet changes, chief executive of the Financial Planning Association Jo-Anne Bloch said her organisation welcomed the appointment of Bowen who had “a strong track record with the financial services sector through tax reform and the financial services hub, and specifically with financial planners through the Tax Agents Services legislation”.

She said the Human Services portfolio would also be important for the FPA because it included the Federal Government's financial counselling services.

“The FPA continues to forge links with financial counsellors because pro bono advice is complementary and is becoming increasingly vital in these difficult economic times,” Bloch said.

“We also look forward to continue to work with Assistant Treasurer, Senator Nick Sherry, in the significant areas of tax reform,” she said. “We acknowledge his contribution to superannuation policy and reform. He has been a consultative and engaged Minister who has sought to understand the issues and improve the system.”