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
- 17 Aug 2018Grandfathering is not in consumers' interests: KellBy Tim Stewart
- 17 Aug 2018Advisers can ‘professionalise’ clients’ philanthropyBy Lucy Dean and Killian Plastow
- 17 Aug 2018Standalone robo-advisers ‘will not attract’ HNW investorsBy Reporter
- 17 Aug 2018Assess super on value not fees, Rice Warner urgesBy Killian Plastow
- 16 Aug 2018ANZ taken to task over ‘misleading’ general adviceBy Reporter
- 16 Aug 2018Faith in adviser ethics fallsBy Reporter
- view all
