Financial Standard Comments - Industry groups self-interest caused FoFA problems The overabundance of industry groups lobbying to ensure their own interests was the cause of the problems and complaints around the Future of Financial Advice (FoFA) legislation, Connect Financial Service Brokers chief executive Paul Tynan said. https://www.financialstandard.com.au/feed/latest?story=37637705 Tue, 04 Feb 2014 12:56:55 +1100 Tue, 04 Feb 2014 12:56:55 +1100 en-AU Copyright 2026 Financial Standard 5 Comment by Harold Holt (holt Financial planning) A balanced approach was promoted however industry super funds (ISN) hijacked the entire process and we were left with opt in's and FDS. Nearly every submission was against opt in and in favour of "opt out". A royal commission needs to be had to examine how the labor government sponsored by the ISN hijacked FoFA.

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]]> Harold Holt (holt Financial planning) Tue, 04 Feb 2014 12:56:55 +1100 Comment by Craig Sinclair (wiseadvice) We need to kick it back to FSR. Three page SOA - her is the client here is my advice and sign off - it needs to be that simple - no one apart from lawyers ( first ones against the wall in the revolution) like where we are in this industry - the usa have the sec where the SOA's should be lodged - bad advice ??? sue the adviser via full teeth FOS/FICS tribunal of fellow experienced advisers . NO SMSF funds under $400K. No direct sucker insurance either.

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]]> Craig Sinclair (wiseadvice) Tue, 04 Feb 2014 15:04:49 +1100