ISA’s compare the pair potentially misleading

Now it’s time for FOFA facts

Brad Fox

On the same day that ASIC issued a statement indicating that Industry Super Australia (ISA) has agreed to change its Compare the pair advertising campaign in response to concerns raised by ASIC, the Association of Financial Advisers (AFA) has released a Future of Financial Advice (FoFA) Fact Sheet to provide consumers and observers with the information they need in order to understand the FoFA debate.

Commenting on the ASIC statement issued today, AFA CEO Brad Fox said, “If you can’t trust what ISA has said in its multi-million dollar Compare the Pair advertising campaign, how can you trust what they have to say about the FoFA amendments?”

Mr Fox said millions of dollars of industry fund members’ money have been spent on advertising that did not meet the standards expected of them by the regulator. “This from the very group that has been so vocal about the FoFA amendments and the need for consumer protection,” he said. “This really calls into question the ISA’s integrity when lobbying against the proposed FoFA changes.”

Mr Fox said now is the time for the facts to rule the FoFA amendments debate. “The AFA has released a FoFA Fact Sheet to provide the basis for sensible discussion around what the FoFA amendments really mean for consumers,” he said.

Click here to access the Fact Sheet.