Financial Standard Comments - FoFA disallowance could put industry into breach of law

Comment by Matt Prestige (PMT & Ass)

Matt Prestige (PMT & Ass) — Wed, 19 Nov 2014 14:08:05 +1100

What a load of dribble from the FPA. They claim to stand for consumer rights yet say this dribble.

The FOFA law was never overturned, if Advisers didn't play by the rules that's their own fault.

It's a win for the consumer;
It's a win for the professional adviser; and
It's a loss for the tossers who scammed their clients and brought all this upon us.

Next...

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Comment by Mark Thompson (mark thompson advisory services)

Mark Thompson (mark thompson advisory services) — Wed, 19 Nov 2014 14:15:54 +1100

OK, if this is such a win for consumers let's see the same rules applied to Industry Super Funds. And while we are at it, let's include the so called general advice for online insurance and put an end to consumer rip offs with sub-standard policies where the only "advice" is to 'read the fine print'.

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Comment by Pat Connellan (Connellan and Associates)

Pat Connellan (Connellan and Associates) — Wed, 19 Nov 2014 14:36:11 +1100

Mark Thompson, we might be able to take you seriously if the rip-offs were being led by the Liberal Party-funding big banks, who have their hands so deep in the average Australians' pockets. Storm, Westpoint, Timbercorp were all connected to conflicted advice under the umbrella of the vertically integrated wealth management system. You and your industry have lost this argument morally, politically and every other way.

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