In a statement, ISN chief executive David Whiteley singled out the Future of Financial Advice reforms and “increasing the super guarantee” as “landmark” policies of the Rudd-Gillard-Rudd government.
“The sector has just been through a period of significant reform and we welcome the Coalition’s commitment to stability in the sector, and encourage a bipartisan approach to superannuation policy,” Mr Whiteley said.
“Industry Super Network has enjoyed a constructive relationship with the Coalition and we look forward to working cooperatively with the new Government – as well as the Opposition, the Greens and minor parties – to build the world’s best retirement superannuation system.
“Strong investment in nation-building infrastructure by Industry SuperFunds further strengthens the link between superannuation and the economy.”
Meanwhile, the Financial Services Council has called on the next parliament to implement the policy mandate awarded to the Coalition at the general election – something that may be made difficult with likely wins for micro-parties such as the Liberal Democrats, Australian Sports Party and Motoring Enthusiasts Party.
“The election is over and business and consumers now demand certainty,” said FSC chief executive John Brogden.
“After three years of policy uncertainty, Australians need stability from the government,” he continued.
“Parliament must allow the new government to pass legislation within its mandate. If this mandate is blocked in the Senate, Australia will endure further uncertainty and instability.”
“This would be a disaster for consumer and business confidence.”
“This government has received a clear majority from the electorate that must be respected by the Parliament.”
The Coalition now has a mandate to make changes to the FOFA regulations, including the removal of opt-in, and “streamlining” of fee disclosure statements.
Mr Abbott also vowed to have a moratorium on further changes to the financial services sector.
How will the industry funds fare under a Coalition government? Have your say below.
The ISN are rightly worried about their future, regardless of who is the Govt, because members are exiting ISN funds to go to SMSFs in shedloads, leaving the ISN with the piddly ( and expensive ) accounts. Amalgamation and cost reductions are some of the ISN solutions, but attacking the retail funds, who are beneficiaries of SMSF investment VIA ADVISERS, is/was their strategy
FOFA was designed to slow up advisers and distract us with Opt-In, and a compliant Govt assisted, the measure being disguised as consumer protection.
ISN read the tea leaves early 2013 and now seeks intercourse with the FSC. How cosy, but its a defensive strategy
Advisers better bloody remember that the FSC is NOT OUR MATE, and will sell us out if it suits
Seriously, why is this diatribe even being publicised?ISN and Labor are in each others pockets, as their common link are the unions. Love get some disclosure on their secret agreements and where the ideas for the mess they have created comes from. They are all a disgrace! Yet again the advisers, the public and the taxpayers, pick up the peices. What a bloody mess and massive waste of everyone’s money and time. Labor at it’s worst!
Surely, David Whitely is disturbed. Significant reforms by Rudd/Gillard have created enormous expense and anxiety for the industry. Whitely had the ear of the Labor Government and it was only his recommendations that appeared to be implemented. We can only hope that the Liberal Government unravels some of the mess created by the incompetent Labor rabble to give us confidence to continue on.
what a absolute joke, of course they thank him or julier and shorten, how easy did those commos make it for them to receive FUM @ a % rate umder Management while they push us for Fixed fee then bag us on top. Biggest set up ever
It would be great if Industry super funds would stop banging on about annual returns being superior. If I recommended a client of theirs rollover to my offering based on annual returns I would get my butt kicked and attract an ASIC audit.
If ISN starts losing FUM….they’ll be on the adviser bashing wagon again. Like Rudd….they haven’t changed. They should probably sack Whitley.