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.”
If there is one piece of terminology that sticks in my neck
that I have repeatedly heard from the likes of Brad Fox and other industry representatives over the past few years it is this: ‘We welcome <insert name=”” here=”” of=”” person=”” that=”” we=”” wish=”” wasn’t=”” here=””> to the role of <insert overpaid=”” public=”” servant=”” job=”” title=”” hell-bent=”” on=”” destroying=”” our=”” industry=”” here=””> because of <blah blah=”” blah=””>.
I do not welcome any of these people to come in and destroy my business or our industry.
Seriously, we need leaders who have some ticker, not the litany of sycophants who keep making decisions ‘for our benefit’. As a side note, Kelly O’Dwyer should never have been given the mandate as small business minister and she has proven this by her approach to the IFA market. It is a good thing that she has been removed from this role. The majority of IFA’s are small businesses. I can’t begin to describe the conflicts. This FSC role gives her nothing more than the opportunity to catch up with a bunch of ex-work/bank colleagues to see what else they can do to get their name in the paper white ant the IFA market/small business market.
I hope she pays attention to our cousins across the ditch who in their wisdom will be retaining commission as its removal “would harm access to advice”
I’m afraid I don’t welcome her re-appointment. She clearly has too much power without recourse and does not care about the long term consumer and economic ramifications of her LIF legislation in it’s current form. She needs to do research, and listen to people other than the FSC. Will it happen? I doubt it.
This shows just how out of touch our industry bodies are…. no idea at all. As for the FSC…well little positive to be said about their opinions. This Minister is a lightweight and I feel so vindicated in voting against this party or Labor in the last election. Sad that many didn’t have the same conviction…just how are we as a group going to get the message across that most of the changes are not client centric? surely somebody with clout can see the issues and get some clear thinking happening without the embedded biases that exist today.
I think a more accurate ministerial title would be the Minister for Revenue and the Financial Services Council. We all know she only represents the big end of town so at least she’s no longer the Minister for Small Business. No doubt there were corks being popped at the FSC after her announcement!
Really AFA, why on Earth does the industry “Welcome” this reappointment and change of job title? This is the lady who is in bed with the FSC and trying to destroy the “Advised” life insurance industry! If she continues on her merry way we will end up with all vertically integrated sub-standard “direct insurance” products with no advice and no client advocacy. Why can’t the minister articulate any “substantial consumer benefits” of the LIF proposals? When asked directly she thought one was that the client would know how much the adviser had been paid in commission, guess what Minister, we’ve been doing that for well over a decade now, or didn’t the NAB tell you that when supporting your election campaign? The big loser here will be the client as they will have no-one in their corner at claim time, how quickly we forget the debacles of claims for direct general insurance, Qld floods and Picton NSW come to mind initially… Hey minister, have a look at your peers across the ditch, they have worked out that the status quo isn’t such an issue and that the insurers can weed out the “churners” as they know who they are… Don’t hide behind 413 as the “gospel” of bad advice, after all only 0.6% of the industry were audited with sniper like targeting to get the desired outcome. Interesting that only 0.6% of Federal MP’s stole money from unions and slept with hookers etc but that hasn’t destroyed that industry.