AFA CEO Richard Klipin said, “We congratulate Minister Shorten on his expanded portfolio and look forward to continuing discussions with him on how to make the world of financial advice more competitive and robust for all Australians.”

Mr Klipin said the AFA will continue to work constructively with Minister Shorten around the proposed Future of Financial Advice (FOFA) reforms, which have the potential to fundamentally change the way consumers access financial advice.

“At the end of the day, the AFA shares the Government’s concerns,” Mr Klipin said. “Like the Government, we want to ensure that Australians continue to have choice when it comes to financial advice, so that they are ultimately well-advised and therefore better funded, comprehensively insured and have financial choices in life. Minister Shorten’s promotion means financial services has been elevated to the inner Cabinet, which is appropriate, given how important the issue is to the financial future of all Australians.”

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