FoFA changes to cost consumers millionsBY JAMES FERNYHOUGH | THURSDAY, 22 MAY 2014 12:20PMConsumers could be $530 million a year worse off as a result of the proposed amendments to the Future of Financial Advice (FoFA) reforms, a report has found. Related News |
Editor's Choice
FS Power50 voting opens
|Voting for Australia's most influential financial advisers in the 2026 Financial Standard Power50 is now open, with 122 advisers shortlisted for the annual ranking.
Advisers bolster client book amid compliance burden: CoreData
|Financial advice practices are serving more clients, charging higher fees and reporting record levels of satisfaction with their licensees, despite the weight of compliance, according to CoreData.
Superhero partners for crypto push
|Superhero has joined forces with Robinhood's cryptocurrency exchange Bitstamp to enter the digital assets market.
Life CCC unveils FY27 priorities
|The Life CCC has laid out its priorities for the current financial year, including providing the necessary support required for the upcoming implementation of the revised Life Code.
Further Reading
Products
Featured Profile

Andrew Gregory
CHIEF ADVICE OFFICER
UNISUPER
UNISUPER
After 25 years, Andrew Gregory remains motivated by the impact financial advice can have on Australians' lives. As UniSuper's chief advice officer, he is not slowing down on any of his current ambitions. Matthew Wai writes.







I wonder if the report would come to the same conclusions is commissioned by SPAA or some other independent organisation?
I was thinking the same thing Peter. It is also about time articles such as this stopped referring to renewal income from product as trail income for "Advice that people are not receiving." This income is NOT for advice. As we all know, advice costs a lot of money, courtesy of ASIC and the Regulations imposed on the industry. People need to start reporting about how client's contact advisers everyday and ask questions about their portfolio...or how the client has recently had an accountant advise them to create an SMSF and now they want to know how to rollover their fund but they have insurance they don't want to lose so they can only implement a partial rollover so this requires further time and research to ensure you're acting in the client's best interest. An adviser can easily burn a few hours pulling together the necessary forms and then create a file note etc, which equates to a minimum of $300 to $400 dollars...and then some guru commissions a report from Rice Warner to say the client is not receiving anything for the money paid to advisers...come on, the AFA and FPA need to get off their collectives and do something.