Financial Standard Comments - FoFA amendments will reduce quality of advice: lawyer The government's proposal to amend the best interest duty section of the Future of Financial Advice (FoFA) reforms are "inconsistent with the nature of a best interests duty" and will "reduce the overall quality of financial advice", according to legal advice obtained by Industry Super Australia (ISA). https://www.financialstandard.com.au/feed/latest?story=38526579 Tue, 11 Mar 2014 16:07:30 +1100 Tue, 11 Mar 2014 16:07:30 +1100 en-AU Copyright 2026 Financial Standard 5 <![CDATA[ Comment by Ken Ryan (Coast & Country Insurance) ]]> It appears that the unions and industry funds have a lineup out the door of Solicitorsand board members intent on tearing apart any attempt to promote a fairer system to both the advisor and client. Compare the pair should be the FOFA in its first ridiculous draft and the Coalitions attempt on a fairer and simpler deal for all. Once again self indulgence and beligerance takes control of what should be a straight forward procedure.
Dont surrender ! The fair and affordable legislation for all will win out in the end

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]]> Tue, 11 Mar 2014 16:07:30 +1100 Comment by Raymond Costello (Rubicon Financial Services Limited)

By it very nature, the "catch all" clause will only work retrospectively. Hindsight turns possibilities, even remote ones, into events that everyone knew were coming.

We work in a field with plenty of risks as it is. With FOS offering a no cost complaints mechanism and escalating its fees for advisers who wont pay go away money - the "catch all" clause is an invitation to rogues and their lawyers.

As with "opt in", its supporters have a commercial objective - but dress up their campaigns as consumer protection.

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]]> Raymond Costello (Rubicon Financial Services Limited) Fri, 21 Mar 2014 18:05:40 +1100