Financial Standard Comments - Ripoll demands parliamentary debate for FoFA reforms

Comment by Lewis Waters (Dingodell Pty Ltd)

Lewis Waters (Dingodell Pty Ltd) — Fri, 21 Feb 2014 13:35:40 +1100

Typical Hick Politician from the back blocks of Brisbane who wouldn't know what he's talking about. Why does anyone listed to these turkeys.

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Comment by Ken Ryan (C&CI C)

Ken Ryan (C&CI C) — Fri, 21 Feb 2014 14:05:56 +1100

Real interest in the financial services industry or personal vendetta? We all know the additional cost the FOFA changes where going to have on our proffesion many left the industry {perhaps pre maturely} based on the difficulties they were going to experience. Labor policies and militant unions have finally been seen in their true light. Organisations conferring on issue's for personal gain and market monopolisation. Good on Mr Sinodinos for standing his ground on these changes. They WILL NOT hurt anyone's belief in the financial services area. They will bring about change that will help all advisors provide quality advice and service at a convenient cost. Stop the "scare mongering" and start dealing with the true facts these changes are far more beneficial to clients and advisors than what was originally proposed.

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Comment by Keith Coles (Zenith Wealth)

Keith Coles (Zenith Wealth) — Fri, 21 Feb 2014 14:15:17 +1100

So Ripoll demands a debate it should last as long as the debate Shorten had when he put all these rules in place

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Comment by Craig Yates (Lifestyle Financial Group)

Craig Yates (Lifestyle Financial Group) — Fri, 21 Feb 2014 16:01:04 +1100

FOFA was nothing more than utterly misguided policy on the run by a desperate Labor govt staring down the barrel of deserved defeat. Bill Shorten's legacy of the MySuper debacle was nothing other than a blatant exercise in cutting independent financial advisers out of the corporate super space and pandering to the Industry Super Funds and their Labor oriented stacked boards.

I can tell you know that the majority of members of employer super funds I have involvement with are absolutely disgusted that the then Govt could act in such a dictatorial manner to take a decision regarding superannuation contributions away from the individual. This is of course following previous legislation that allowed choice of superannuation for employees. Do you think people are confused.?....absolutely.

The damage and cost incurred is no different to the carnage that was the previous Labor Govt.

They continued to damage each other, damage the party and then implode.

They would do anything regardless of the consequences and now we have a mess to clean up.

That's right, by removing commissions from investment and superannuation products, it will guarantee to prevent another Storm incident....great idea Labor, that should work!!

Bernie Ripoll has had his time in this space and its now time for him to sit back very quietly and allow the Govt to rectify as much of the FOFA mess as is necessary to allow consumers choice of who they engage for advice, choice of how they pay for that advice, confidence their best interests are being acted upon and confidence that misleading, scaremongering advertising campaigns by Industry Super Funds are adequately moderated and controlled.

Bernie Ripoll needs to let go.

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Comment by Gratuitous Adviser (Retired)

Gratuitous Adviser (Retired) — Sat, 22 Feb 2014 01:30:12 +1100

"They WILL NOT hurt anyone's belief in the financial services area" is a very foolish statement indeed. The original FOFA changes were the financial advice industries lifeline but some are either too greedy or too stupid to realise it. Sure, the bottom feeders left the industry in anticipation of the industry cleaning up its act but good riddance I say.

Remember that all this came about because of the public receiving disgraceful advice, losing a lot of money and finally becoming mistrustful of those that called themselves financial advisers. The changes were in the industry's best interest and in time will come to realise that Sinodinos is actually a nemesis, not a saviour. Let's wait and see.

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