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FOFA architect to leave Parliament

Bernie Ripoll, one of the architects of Labor’s FOFA reforms, has announced he will not contest the next federal election and will retire from politics.

In a statement, the current shadow minister for financial services and superannuation said it is time for the ALP to find a successor in the seat of Oxley.

Mr Ripoll is well known to the financial services industry as the chair of a wide-ranging inquiry which culminated in the Ripoll Report that preceded the FOFA reform process.

In a statement, the Australian Institute of Superannuation Trustees paid homage to Mr Ripoll, pointing to his defence of non-conflicted financial advice.

“As a result of Mr Ripoll’s contribution, Australians using financial advisers have far greater protection against conflicted advice,” AIST chief executive Tom Garcia said.

“The Ripoll Report laid the groundwork for financial planners to act in the best interests of their clients, as implemented as part of the Future of Financial Advice Reforms.

“On behalf of AIST and our member funds, we wish Mr Ripoll all the best for the future,” he said.

Brisbane city councillor Milton Dick has announced he will seek preselection for the vacant seat.