The FSC and AFA have welcomed the reappointment to the cabinet of Kelly O’Dwyer, who will now hold a new title that better reflects her focus on the financial services sector.
Prime Minister Malcolm Turnbull unveiled his new ministry yesterday, saying Ms O’Dwyer, previously Assistant Treasurer and Minister for Small Business, will hold the title of Minister for Revenue and Financial Services.
Mr Turnbull said this new title “better describes her full role and responsibilities”.
In a statement following the announcement, the FSC said it welcomes Ms O’Dwyer, as well as Scott Morrison as Treasurer and Steven Ciobo as Minister for Trade and Investment.
“Prior to the election the Government had been preparing to implement a package of reforms that will ensure better outcomes for consumers and enable the industry to be more competitive and efficient, as well as progress growth in exports of financial services,” said FSC chief executive Sally Loane.
“We are pleased the financial services industry is afforded continuity with the re-appointment of the Treasurer, Minister O’Dwyer and Minister Ciobo.”
Meanwhile, the AFA said it is pleased to continue its advocacy work for advice professionalism with Ms O’Dwyer.
“We welcome Ms O’Dwyer’s appointment to the newly-named portfolio and the continuity and understanding she brings to the role,” says AFA chief executive Brad Fox.
“Her reappointment will ensure the progress made on professional standards and other reforms will hasten along and thus reduce the time for today’s professional advisers to be recognised and trusted by the community for the good advice they provide.”
Mr Fox added that the AFA has continued working to remove any ‘carve out’ advantages for direct salaried channels from the draft life insurance legislation and regulations.
“An equitable, sustainable and workable solution is required in this important area of reform so that the benefits of personal financial advice can continue to be competitively accessed by Australians. We believe this can be achieved with some guidance,” Mr Fox said.
“We will continue to work with the Minister on reforms and to share with the Minister the important feedback we have received from our members about the superannuation changes.”
Super funds must now have a retirement income strategy in place.
Vanguard has called for a complete overhaul of the advice industry.
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