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 |
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Brian Redican
CHIEF ECONOMIST
NEW SOUTH WALES TREASURY CORPORATION
NEW SOUTH WALES TREASURY CORPORATION
What makes an economist an economist? TCorp chief economist Brian Redican reflects on over three decades of navigating Australia's economic cycles. Riddhima Talwani 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.