Whiteley calls for FOFA consensus
Industry Super Australia (ISA) chief executive David Whiteley has called for the Government's pause to the Future of Financial Advice amendments to "be used constructively to try and find a policy outcome that delivers certainty and stability and meets community expectations".
In a statement issued late last week, Whiteley said the ISA was willing to work in good faith with the Government, the finance sector and seniors and consumer groups to try to find a consensus that delivers a strong policy outcome and a competitive sector.
"ISA welcomes the willingness of Minister Cormann to re-look at the detail," he said. "It would be in the interests of everyone to try and reach a consensus on what is workable and places the interests of consumers at the forefront."
Whiteley claimed that, ultimately, consumers would be served by vigorous competition among product providers on the features and merits of their products, not what financial incentives are offered to advisers for their recommendation.
"This is particularly the case in respect to compulsory superannuation where such sales incentives, however described, come at the direct expense of retirement savings," he said. "A higher duty of care, and appropriate regulatory oversight, is justified because of the quantum of savings involved and significant taxpayer concessions underpinning super."
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