Brad Fox
The Association of Financial Advisers (AFA) today congratulated incoming Prime Minister, Tony Abbott and the Federal Coalition on their success at the polls.
“The AFA has a mandate to work with Government to achieve outcomes that support advisers and advice businesses in the important role they play helping to build, manage and protect the wealth of everyday Australians,” says AFA CEO Brad Fox. “With the new Coalition Government, this will involve addressing issues close to the heart of the financial advice industry and the impact they have on consumers.”
Mr Fox says the AFA will proactively engage the incoming Minister for Financial Services and Superannuation and seek to contribute to the new Government’s financial services and superannuation agenda. “We will be particularly interested in the Government’s approach to improving the effect of the Future of Financial Advice (FoFA), Stronger Super and Default Super reforms,” he says.
While in Opposition, Mr Fox says the Coalition team demonstrated a strong understanding of the dynamics of the financial advice industry and put a considerable amount of effort into influencing the direction of the recent reforms in the financial services industry. “The AFA is supportive of the changes to the FoFA reforms as announced by Senator Mathias Cormann and the Coalition prior to the election and will work closely with the new Government as these changes are implemented.”
The AFA is also looking forward to the Coalition ironing out some of the problematic consequences of FoFA, including problems with the Grandfathering rules which have reduced competition in the advice market and the ability for advisers to change licensees.
The AFA is also seeking a solution that will allow corporate super advisers to both recommend a fund and continue to service the fund.
“The AFA strongly supports the consumer benefits associated with FoFA and we are looking forward to the Coalition’s promised roll-back and amendment of parts of the legislation which will eliminate much of the red tape associated with the reforms, improve the effectiveness of the financial advice industry and help advisers deliver quality, cost-effective advice to Australians,” Mr Fox says.
