The Coalition’s resounding victory at Saturday’s federal election may have significant policy implications for the financial services industry and Future of Financial Advice regulations.
“The Coalition will amend the legislation to reduce compliance costs for small business financial advisers and consumers who access financial advice.”
Industry representatives have welcomed the move, with Association of Financial Advisers chief executive Brad Fox issuing a statement within minutes of the concession and victory speeches.
“The AFA has a mandate to work with Government to achieve outcomes that support advisers and advice businesses in the important role they play helping to build, manage and protect the wealth of everyday Australians,” Mr Fox said.
“The AFA is supportive of the changes to the FoFA reforms as announced by Senator Mathias Cormann and the Coalition prior to the election and will work closely with the new Government as these changes are implemented.”
Financial Planning Association general manager, policy and conduct, Dante De Gori also welcomed the new government, tweeting a personal congratulation to Senator Mathias Cormann, tipped to be the next financial services minister.
“I look forward to working with you and your team in Government,” Mr De Gori wrote.
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