The FPA has welcomed the Senate committee's recommendation to explicitly state that commissions will not be reintroduced under the guise of general advice.
The Senate Economics Legislation Committee tabled its report into the FOFA amendment bill last night.
In a statement released this morning, FPA chief executive Mark Rantall said he is “eagerly anticipating the next phase of FOFA which rests now with the Coalition Government and Minister for Finance Mathias Cormann”.
“We now anticipate that Minister Cormann will respond to the Senate Report and execute a Bill in the true best interest of consumers, remove red tape and costly duplication and provide certainty to our profession and the wider financial services industry,” said Mr Rantall.
The government now has the chance to “banish forever the threat of commission-driven sales on their investments and superannuation”, he said.
“We look forward to the formal response by the Australian Government to the detail of the Senate Committee’s findings,” said Mr Rantall.
“We are pleased to see that the FPA submissions made to this Inquiry, particularly the FPA’s 10-point plan, found a receptive ear with the Senate Committee members as reflected in the main report as well as the dissenting report,” he said.
“We look forward to the next step in the process and working with Minister Cormann and the government to help take these recommendations into law,” said Mr Rantall.
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