Financial Standard Comments - Industry pushes for more consumer protection under FoFA The financial services industry has welcomed the Finance Minister Mathias Cormann's decision to temporarily freeze the amendments to the Future of Financial Advice (FoFA) legislation, which some stakeholders believe will lead to increased consumer protection. https://www.financialstandard.com.au/feed/latest?story=38895927 Tue, 25 Mar 2014 13:37:16 +1100 Tue, 25 Mar 2014 13:37:16 +1100 en-AU Copyright 2026 Financial Standard 5 Comment by John Simpson (EzePlan) At stake is really the sabotaging of the excellent work of Real Financial Advisers who always have the interests of clients at heart (otherwise they will walk away) versus the interests of those Unionists and ex Labor Politicians (more than 300 of them) who get income as Trustees/Directors of Industry Funds. Industry Funds give NO ADVICE, do not check clients' Risk Profiles, hold franking credits for general admin expenses rather than directing them to the clients who took a risk earning the credits, take on risky investments by way of direct property and alternatives, provide poor returns compared with those which we give our clients, and (eg MTAA) misclassify asset allocations as "balanced". Industry Funds ARE NOT IN THE BEST INTERESTS OF INVESTORS. FOFA needs to be abandoned altogether! Industry funds need to be shut down! Keep lobbying COMRADES, I mean, COLLEAGUES!

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]]> John Simpson (EzePlan) Tue, 25 Mar 2014 13:37:16 +1100 Comment by Ross Cardillo (Ross Cardillo Financial Services) well said

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]]> Ross Cardillo (Ross Cardillo Financial Services) Tue, 25 Mar 2014 23:33:49 +1100