In a statement, the current shadow minister for financial services and superannuation said it is time for the ALP to find a successor in the seat of Oxley.
Mr Ripoll is well known to the financial services industry as the chair of a wide-ranging inquiry which culminated in the Ripoll Report that preceded the FOFA reform process.
In a statement, the Australian Institute of Superannuation Trustees paid homage to Mr Ripoll, pointing to his defence of non-conflicted financial advice.
“As a result of Mr Ripoll’s contribution, Australians using financial advisers have far greater protection against conflicted advice,” AIST chief executive Tom Garcia said.
“The Ripoll Report laid the groundwork for financial planners to act in the best interests of their clients, as implemented as part of the Future of Financial Advice Reforms.
“On behalf of AIST and our member funds, we wish Mr Ripoll all the best for the future,” he said.
Brisbane city councillor Milton Dick has announced he will seek preselection for the vacant seat.
C’mon you cynical lot!
Hasn’t anyone got anything nice to say about poor old Burn’ie? (typo intended)
Our biggest problem was our ineffectual inability to be united as one voice of planners to lobby effectively.
So many groups, so much infighting we could stand up together to be heard as one (like the pharmacists guild) against pollies and munions that have no idea how the 99.5% of ethical advisers work.
Partially our disjointed fault…
One day there will be a time when ALL super funds work for the greater good.
Thank frick for that! Check out where a good portion of ex-Labor politicians end up and it is either ISA land or some sub-committee appointed by them (ala Greg Combet)
The original Ripoll report was reasonably well balanced and made some good suggestions to stop bad behaviour by rogue financial advisers and protect consumers.
Then it got hijacked by the union officials who control ISA, AIST, and since the union coup to depose Kevin Rudd, the Federal parliamentary Labor party. The Ripoll report was transformed into a financial advice destruction manifesto, for the benefit of the unions and the detriment of consumers. No wonder Bernie wants to get out.
Smart man, Bernie. Took one example of poor ( yet somehow compliant )advice and used it to belt innocent advisers with what turned out to be FOFA
Labors aim at the time was to use the furore around Storm to severely restrict the activities of advisers who were feeding retail super funds. All done in the guise of consumerism, but the aim was really to protect their mates, the Industry Fund Network
Worked a treat, and now a Liberal government is doing the same for their mates – the banks.
Bernie, advisers, and in particular risk advisers, thank you from the bottom of our soon-to-be-empty wallets. Enjoy the pension we give you
Wonder where big Bernie ends up? An industry fund trustee directorship?
Good riddance I say. FoFA has worked a treat for those who have a vested interest in eradicating the industry. Please also tell me how FoFA has provided more cost effective advice to more Australians? What we have now is more cost, less productivity and more negative press tarnishing all financial advisers. It’s worked a treat if that was the aim of it all.