In a debate over financial services regulation that consumed federal parliament yesterday, independent Member for Lyne Rob Oakeshott spoke in support of the Bill seeking to amend the Tax Agent Services Act to bring financial advisers under additional registration burdens.
Oakeshott took aim at the Financial Services Council (FSC) and Financial Planning Association (FPA), accusing the Coalition of cow-towing to the organised lobbying efforts of the two industry bodies.
“What happened? Who has folded?” the MP rhetorically asked parliament, following the vote which saw the Bill referred for further review.
“I would hope that a lobbying campaign run by [FSC chief executive] John Brogden and [FPA chief executive] Mark Rantall did not get in the way of a consumer protection policy that has been in gestation for twenty years,” he said.
“I know there are financial planners out there popping the champagne, but I would hope this is just buying a window of time and not the chamber closing the door [on this Bill],” he added.
The crossbencher said he was satisfied the Bill was in the best interests of consumers and was a core part of the government’s broader Future of Financial Advice agenda – of which he is a vocal supporter.
He said he had been in communication with accounting industry bodies, as well as government figures, both of whom had convinced him of the merits of amending TASA.
As one of seven crossbenchers in the current parliament, Oakeshott will ultimately play a crucial role in the final vote on the Bill, should it be heard before the September election or retain his powerful position in the next parliament.
Assistant treasurer David Bradbury said that while “many financial planners may do good work in their communities”, consumer protection must come first, indicating the government’s commitment to the amendments.
“Somebody needs to come into this place and stand up for consumers,” he said.
Meanwhile, accounting bodies CPA Australia and the Institute of Chartered Accountants Australia issued a joint statement arguing that the referral of the Bill to committee review “jeopardises much-needed consumer protections”.
Ironic that this man is not contesting the next election, wonder if Rob would disclose what he benfit he is retiring on that We, all our clients and tax payers would love to know
Last gasp of a dying man. The election can’t come soon enough to get rid of this charlatan. Since when did we live in a dictatorship. Rob, there is a way of doing things in this country and ramming through legislation without due process is not one of them. There are already very strong consumer protection rules in place particularly the new “best interest” rules contained within FOFA and the Trades Practices Act. .. If you bothered to look.
Rob Oakeshot said: ” He said he had been in communication with accounting industry bodies, as well as government figures, both of whom had convinced him of the merits of amending TASA..” It doesnt say he spoke to the Financial planning body!! has he been burnt personaly by a planner?, Or does he just think he’s bigger than us? well he wont be around long enough to answer the question I guess, Sorry Rob, at least the majority of financial planners will still have a job after this election, even if you dont!
The extra scrutiny because of the Independents is good in principal – a Senate majority breads arrogance and political misjudgment. There was a Menzies minority government in 1941 with the same problems as the Gillard government.
Mr Oakshot lost me at the last lot of legislation on commissions when he seemed to be saying, right up to the moment of the vote, that he would vote against the proposition. Thats dishonesty Rob.
As a risk writer, I can see no value to my clients that I should obtain some Certificate as required to join H&R Block so I can be a registered Tax Agent. It’s a different ball-game for those who advise on investments and tax strategies.
Risk writers talk tax only in terms that there “may” be a tax deduction for an income protection premium’ and the taxation applying to TPD insurance payments from super
Risk writers should be seperated from investment advisers in any legislation
I think most FPs generally agree that added consumer protection, provided laws are thoughtful and equitable is a good thing. Unlike most other industries and professions, FPs deal with change and uncertainty on a [u]daily[/u] basis, so I’m positive that some form of TASA will eventually be adopted by FPs, not because we’re bullied into it, but because we are inherently adaptable, and its the right thing to do.
The resentment on this issue among FPs stems, understandably, from the clumsy and insulting manner reforms are often introduced by politicians and other stakeholders with undisclosed vested interests. Considering the work that has gone into FOFA, the GFC, and a relentless ISF attack on adviser credibility, should anyone be surprised by the industry’s response to TASA in its current form?
As an aside, Oakeshott does wreak of political desperation as he looks for a cause (and soundbites) to hang his hat on. He doesn’t deserve to be taken seriously.
I can’t wait for the election for nothing other than to stop this clown ‘grandstanding’ and being full of his own self importance!!
Oakeshott should start getting Saturdays paper delivered if he isnt already . will need the employment section . He will probably end up with the biggest swing against a sitting member since federation . . The twit is using the issue of TASA to get some press because he cant get any airtime on any other issues because he has proven himself to be an incompetent clown . Its a crying shame that he will suck of the public purse via a lifetime pension courtesy of the taxpayer . There is a really easy way to deal with TASA – get everyone to purchase the TAX ACT – because thats the book most good accountants have their noses in on a daily basis . And as for the tax agents board , you just have to chuckle . I have first hand experience in how they deal with some of the no hopers that act as accountants ( yep ,just as many no hoper accountants as there are planners). Positively make ASIC look efficient .
Interesting that a politician complains about a representative organisation lobbying. Does he complain about the industry funds lobbying?, the general financial services industry lobbying for increases in super guarantee because they all make extra fees from it?, or does he complain of the government lobbying to him or the opposition lobbying him for his vote? Complaining about a representative body lobbying is like complaining about a dog licking itself – its what they do! Get real Oakeshoot, just because they disagree with what you are proposing, and are successful at it, doesn’t mean they shouldn’t be lobbying.
99 days to go
oakshot, windsor, bradburry start packing
Maree – please don’t continue with the bleating or attempting to throw dispersions at the author of the article. We all know the great damage done by the Gov was only empowered by these self serving lapdogs.
And correction yet again – one of the greatest risks to an investors money is the undisclosed fees by ISN’s, and their approach such as the great EPAS fund that sank like a smoking ruin… not to mention an incompetent Gov unable to control fiscal policy.
What is the relevance of naming independent MP Mr Oakeshott as the person who bought the Gillard Government to power? He didn’t – alone, and it is not relevant to his own independent research, beliefs and knowledge on the issues involved in the TASA amendments. One of the greatest risks to an investors funds is the financial planner chosen to look after their money. Mr Oakeshott’s standing up for consumers is valid and honourable and your opening headline and paragraph is a safe jibe from you knowing the political leanings of the majority of your readers. Is this newsletter political or about reporting the financial services industry. Strip out the bias if you are to be a worthwhile voice.
Mr Oakeshott – We saved a client approx $20k in CGT via advice by highlighting thhe flaw in what she had thought to do… the Accountant not only backed us but thanked us for this as he hadn’t managed to catch up with the client at that time…
Yep – can see why according to this tax scounging Gov & their lickspittle cronies, why they treat us like a scourge…
Don’t worry about this clown retaining his powerful position after the next election. The electorate is a wake up to him and will not make the same mistake twice
What a joke – I totally agree with Craig’s comments so wil not repeat them here. Adree with you totally Craig.
Very disappointed in Mr Robert Oakeshott? and his suggestion that the Financial Planning Association and other professional groups in financial services were in any way not acting in the public interest. Mr Oakeshott should know more than most the additional regulation that has been placed on Financial Planners in order to ensure that consumers are protected. No one is against additional regulation in relation to tax advice but let the consequences be properly debated and thought through Mr Oakeshott, then we can proceed in a helpful manner not a rushed and headline catching way!
Last rant of imbicile who is gone in 99 days and counting. FOFA – is a JOKE all the high horse advisers who charged fee for service as a business model now have THOUSANDS of compeditors. The Stackpool deciples will find that major dealer aligned advisers will undercut thheir price model and no matter how good the ” service” client will dump them for a few hundred bucks in ” reward savings.”
No clients under $200K are not economic. so the vast majority of people that need advice can thank Labour union funds and Oakshott who put them in power. Oakshott will probably get a diplomatic posting before the election as a Gillard thank you on the way out.
Come on Minister Oakeshott, you are better than that. The FPA has never said not to have the Bill passed, it actually supports the spirit of it, which is to protect consumers. All they and FSC are asking is to make the time line of its introduction fair and the details clarified.
This joker will be out like bad dishwater in Sept – same person who lacked the intestinal fortitude to take a stand against Thomson and back flipped on his comment about trying to force himw out if charges were laid…
My opinion is it is laughable for him to talk about morals, thics or principles
Maybe Rob should be adopting the Labor strategy of packing up his office early, ready for September!