Where are the Greens on FOFA?

financial planning financial planning association future of financial advice FOFA parliamentary joint committee association of financial advisers FPA AFA financial advice financial advisers government

24 February 2012
| By Staff |
image
image
expand image

Financial planning representatives who have attended the hearings of both the Parliamentary Joint Committee (PJC) reviewing the Future of Financial Advice (FOFA) legislation and the Senate Economics Committee have expressed concern at the absence of any representatives - Senators or Members - from the Australian Greens.

Representatives of the major financial planning groups returned to Canberra yesterday to give evidence before the Senate Economics Committee and, as was the case during their appearances before the PJC, found that no Greens parliamentarians were present.

The absence of the Greens has been noted at the same time as both the Financial Planning Association (FPA) and the Association of Financial Advisers (AFA) have sought to ramp up their lobbying of key independents to obtain amendments to the FOFA bills, particularly with respect to the two-year opt-in and an annual disclosure obligation.

The two organisations signaled they would be ramping up lobbying efforts in the wake of NSW independent Rob Oakeshott last week saying he would be opposing the two-year opt-in when the legislation was brought before the House of Representatives.

The concern among financial planning industry observers is that the absence of Greens representatives from both the PJC and the Senate Committee hearings signals that they will be simply supporting the Government's line on the legislation.

"But, at the very least, their absence signals a disregard for the views of one of Australia's most significant industries," one observer said.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

11 hours ago

Interesting. Would be good to know the details of the StrategyOne deal....

4 days 16 hours ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 2 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 4 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

3 days 14 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

2 days 17 hours ago