SPAA looks forward to working with Coalition to improve retirement security

Tue, 10 Sep 2013 21:55:36 +0000

Andrea Slattery

The SMSF Professionals’ Association of Australian (SPAA) is looking forward to working closely with the Coalition Government and is heartened by its pre-election promise of “no unexpected detrimental changes to superannuation”.

SPAA CEO Andrea Slattery says: “The SMSF sector and the Coalition’s view of the world have much in common. We believe this augers well for the future strength and stability of the superannuation sector. SMSF’s alone accounts for $500 billion in assets and include around one million participants.”

“SMSFs are all about choice, self-sufficiency and individual responsibility for one’s retirement. As an industry we are concerned with making the sector more efficient with less red tape.”

“We welcome statements by Prime Minister elect Tony Abbott that ‘Australia is open for business’. We believe the SMSF sector will warmly welcome these comments and that they send a strong signal of intent when it comes to expressing the priorities of the new Government”.

“We are confident that the Coalition is acutely aware of the dangers of continuing changes to the superannuation rules. They act as a disincentive for people to save for retirement, and, as a consequence, we welcomed the promises made by both parties to stop changing superannuation rules detrimentally as a step in the right direction to achieving bipartisan support for a sustainable and stable superannuation system.

“We strongly believe that as far as possible, superannuation should be above short-term budgetary political pressures as it is a lifetime commitment that has the goal of reducing the long-term costs to government and allowing people to retire with dignity.”

“SPAA welcomed the Coalition’s commitment to not introduce any negative changes to the system, and we will continue to advocate strongly those measures we believe will have a positive effect,” said Ms Slattery.

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AFA Welcomes New Government

Mon, 09 Sep 2013 21:40:40 +0000

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.

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SPAA looks forward to working with Coalition to improve retirement security

The SMSF Professionals’ Association of Australian (SPAA) is looking forward to working closely with the Coalition Government and is heartened by its pre-election promise of “no unexpected detrimental changes to superannuation”.

AFA Welcomes New Government

The Association of Financial Advisers (AFA) today congratulated incoming Prime Minister, Tony Abbott and the Federal Coalition on their success at the polls.