Senator Cormann took over responsibility for the policy last week, following the stepping aside of Assistant Treasurer Arthur Sinodinos.
“I’ve just got in the job and have decided to pause the process on the FOFA regulation to enable me to consult in good faith with all relevant stakeholders before pressing the go button on our changes,” he told The Australian Financial Review.
“We remain committed to implement the improvements to FOFA which we took to the last election as soon as possible.”
Industry Super chief executive David Whiteley said this intervention of the minister was a “timely circuit breaker and a victory for common sense.”
“Minister Cormann should be congratulated for this intervention. A return to consensus and industry agreement is exactly what the public and the industry needs.”
Looks like Whitely has jumped the gun again unless he already knows the outcome! Lets hope common sense really does prevail for all rather than industry super hijacking that term….
Dear Mr. Whitely, same again always protecting your self interest …. it never is about the clients best interest is it. Shame on you, again!
…and when common sense does prevail can we expect Mr Whitely to shut his mouth and agree that the reason Financial advisers exist is to provide financial help and guidance to those who seek it and not as he would have everyone believe to charge for services nobody asked for.
“I’ve just got in the job” This from the man who spent 3 years talking about what he would do.
I smell a rat !
What now ? Bring back clause (g) of best interests ? Bring back Opt In
The only positive thing Kormann can do is stop the bank tellers flogging cheap risk products and My Super products over the counter and make the banks put those matters in the hands of their trained planners.