Financial Advice more accessible and affordable with FoFA reforms

John Brogden

John Brogden

The Financial Services Council commends the Senate for supporting the amendments to the Future of Financial Advice laws yesterday.

“With the critical support of cross bench Senators, the Government’s amendments to FoFA have withstood an attempt to have them disallowed today”, FSC CEO John Brogden said.

“With the support of the Palmer United Party, Family First, Liberal Democrat and Motor Enthusiast Party Senators, the Government defeated the Opposition’s attempt to disallow the FoFA regulation this afternoon.”

“The new FoFA regime will allow more accessible and affordable quality advice to millions more Australians whilst maintaining the highest level of consumer protection in the world.

“The best interest duty remains in tact. Financial advisers will, by law, be required to act in the best interests of their clients”, Mr Brogden said.

“The amendments proposed by the Palmer United Party − accepted by the Government − are constructive, practical and sensible.”

“We thank the cross bench Senators for their support.”

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