Speaking in an FPA members’ webinar on Thursday, Assistant Minister for Superannuation, Financial Services and Financial Technology Jane Hume confirmed the bill, which has passed the House of Representatives and is currently awaiting passage through the Senate, would be addressed by the upper house this week.
In an update to members following the webinar, FPA chief executive Dante De Gori said that as the bill was “listed as non-controversial”, the opposition had agreed to support its passage through the Senate.
“This is such an important industry and the government recognises the potential value of quality professional financial advice,” Ms Hume said.
“We want as many Australians as possible to access quality professional advice when they need it the most.”
Ms Hume said members of the advice community had been “fundamental” in making sure the government’s COVID-19 stimulus measures were running smoothly to help people in times of need.
Mr De Gori said the association welcomed the opportunity to work with government around the “overarching objective” of improving access to affordable and professional financial advice.
The news comes following an ifa poll of over 450 advisers in which 37 per cent said the urgent passage of the bill was the most important thing the government could do to support practitioners through the current crisis.
Don’t count your chickens folks. Labor is now attempting to sabotage this Bill. The warning signs were there a few days ago when the ABC ran a seemingly out of the blue anti-adviser slander piece. It is all being driven by the unions, who are furious at losing money from their superannuation funds via the government’s COVID-19 hardship withdrawal measures.
Where’s the structure for those who wish to remain simple[b] ‘Lifewriters'[/b][b][/b] and not engage in the [b]wholly irrelevant [/b][b][/b][i]full financial planning “degrees” [/i][i][/i]they ludicrously insist we pass?! These advisers will leave the industry and leave their decades-long clients in the lurch. NOT client best interest Josh Frydenburg.
I guess its nice to be a “fundamental” part of the community for once.
This is [b]wishful[/b][b][/b] thinking on my part, but it would be nice to think that this is the wake up call to the Government (and opposition) that what planners do is important. Indeed we aren’t the social pariah’s that we are made out to be via a royal commission, lobby groups, secret shoppers or lawyers circling the wagons.
Hell – it would be nice to think that the “new norm” is that this industry as a whole realises that we are our own worst enemy by trying to score points at each others expense (eg. IFA’s v Bank’s, Retail v Industry Funds, etc.). I find it interesting that Private and Public schooling know they need each other to survive, yet our competing interests are just making us look like rabble.
But I guess I’ve had too much ISO and the line from my movie last night rings true…. “Tell him he’s dreamin!”.
What has saddened me to add to the taking shots comment is the amount of advisers taking the i will be ok and screw the rest mandate through all this. Now was the time for us to unite yet here we are just as divided before we allowed this to all happen.
Well this is where the AFA and FPA has been found lacking- perhaps they are too old and tired. . Isn’t it time that we changed the leadership there- after all they have presided over this decline in the advice industry, have lost out on every government initiative (from FOFA, Trowbridge etc..). We now need new blood a fresh way of thinking and an energized leadership.
Still away too many dodgy advisers providing advice. Let’s be real.
Where is your proof?
just look at the FPA. There’s some evidence.
Try lets be honest! The valid statistical evidence says otherwise. Unfortunately the media, the regulators & policy makers appear only want to listen to ill informed comments like yours.
It takes a pandemic for the Govt to realise that advisers deliver so much value to the Australian community does it ?
Does it take a pandemic for the Govt to also come out and praise nurses, doctors, front line medical staff, aged care workers, teachers etc etc ??
It is so totally Australian to get all patriotic and supportive when backs are against the wall and then just slip back into
” she’ll be right mate ” following.
The plain fact is that advisers have been kicked and kicked and kicked in the last decade because it has been easy and is seen as politically convenient.
If the Govt and the media sees an opportunity for political mileage in the pursuit of an agenda they will take it every time irrespective of the consequences and carnage that follows.
What about Hume and Frydenberg come out and say that they need to ensure the strong viability of the financial services sector to enable them to deliver quality advice to as many Australians as possible ?
The thing is you’re right we keep getting kicked but the majority silently whinge and don’t do anything about it. A few of us will go off and become self licensed or leave our institutionally aligned licensee, but the majority don’t give a stuff and for that we deserve to be kicked. Leaving bodies like the AFA and FPA is one way we can stop this over regulation, red tape and Government interference. Until you leave these bodies, (just join the cheapest out there) you won’t ever be recognized and part of the community.
Agree with comment on leaving the FPA and AFA.
This is such an important industry and the government recognises the potential value of quality professional financial advice,” Ms Hume said. 100% spot on, but I notice the emphasis on the words “quality” and “professional” and neither can be found belonging to a member of the FPA and having the current CEO in place, nor with the current licensing arrangements in place. So we’re some distance off achieving “quality financial advice”.
I agree with Jim. What a stupid comment. Nothing but being seen to say the right thing.
“This is such an important industry and the government recognises the potential value of quality professional financial advice,” Ms Hume said.
“We want as many Australians as possible to access quality professional advice when they need it the most.”
Really is that what you want now ???
Well i am sure if you ask their is many many advisers that can give you some ideas on how to achieve this.
Lets be straight here, as soon as we are seen as no longer important it will be back to throwing advisers under the bus again.