Assistant Treasurer Arthur Sinodinos has responded to media coverage of the amendments to FOFA, explaining that “no amount of regulation” can avoid financial collapse.
In a statement issued yesterday, Senator Sinodinos referenced “recent media coverage” that pointed to the case of Storm Financial as an example of why the existing FOFA legislation is needed, arguing that it is misguided to think government intervention can avert collapses.
“Let's be clear: no amount of regulation can prevent another financial collapse as you can never regulate away all risk,” the assistant treasurer said.
"Neither our reforms nor the existing FOFA laws can prevent a possible future financial collapse."
The government will be introducing a Bill to amend FOFA, in line with its pre-election commitment, in coming weeks, Mr Sinodinos said.
SUBSCRIBE TO THE IFA DAILY BULLETIN
News
- 19 Oct 2018Life insurer fires 50, kills outbound sales businessBy James Mitchell
- 19 Oct 2018Strategic plan for AFCA releasedBy Eliot Hastie
- 18 Oct 2018Clique Paraplanning launches practice portalBy Reporter
- 18 Oct 2018Challenger announces new Netwealth dealBy James Mitchell
- 18 Oct 2018Aussies say royal commission won’t change their view of adviceBy James Mitchell
- 18 Oct 2018Hire younger advisers to get younger clients, paper suggestsBy Adrian Flores
- view all
