Bowen's FoFA fears "complete rubbish": AFA

So the now opposition are against allowing more Australians to be able to afford to seek financial planning advice?...how noble of them.

The real scramble was the speed at which the former government made ill-thought out legislation without considering how the industryas a whole, would be affected.

Had they continued on their merry way of blaming all for the actions of some, it would have made the collapse of the car industry seem like a Sunday picnic.

It is highly disappointing that a seemingly intelligent person such as Chris Bowen has to stoop to such a disconnected, sensationalist position in order to attempt to again raise anxiety and mistrust amongst the public in regard to seeking financial advice.

It seems the game of politics never has a final siren.

Regardless of the profession, regardless of the industry, regardless of the person, it is impossible to legislate against unethical, criminal,dishonest individuals who deliberately set out to obtain financial advantage at someone's expense.

Greed will drive those people to go far beyond any acceptable limit and greed will also be the driving force of the gullible consumer who makes an irresponsible decision without considering the consequences or understanding the risk.

The Hon Chris Bowen on Late Line on 11th Jan 2014: Quote "And you can have disclosure ... and how many people read that is open to very, very much conjecture."

What a hypocrite!

All the Labor rules about advisers having to make disclosures and now he admits that clients don't read SoAs and the disclosures therein!

Please Liberal Government, just ignore the opposition, ditch the FOFA rubbish, all of it, and let us get on with our constructive work for our clients!

Here , here John Simpson...why doesn't the media pick up on this line of support for the now government?

I cannot believe how much time and energy has been wasted on FOFA. Are we as Australians a stupid bunch or what. Why do we allow people like Bowen deliver such drivel on public TV ?...and the ISA? Their members cannot be that stupid or are they? 99% of advisers practise the best interest duty and one cannot legislate, as Sinodinos has said, against criminals and greed. And remember GREED is on both sides of the coin.........yes clients eyes light up when they see incredible returns.