Which Government Will Be Best For Advisers?

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Following the July 2 Federal Election, which Government will deliver a better financial services industry for advisers and consumers?
  • A returned Coalition Government (72%)
  • It will make no difference (20%)
  • A new Labor Government (4%)
  • Not sure (4%)

Following the calling of the July 2 Federal Election, our latest poll considers which Government will deliver a better financial services industry for advisers and consumers?

While the current Government has called the election based on the need to pass certain appropriation bills, those related to life insurance commissions and professional standards for advisers had already received bipartisan support, but did not pass the Senate before the election was called.

However, it would seem these reforms will remain on the agenda with both sides of politics committed to changes in life insurance remuneration to advisers and their professional and educational standards.

But which side of Parliament will enact the best legislation for planners?

The Coalition has already revealed the details of the Life Insurance Framework, while the Labor Party has been more reserved in the details of what it would do.

As for professional standards, change in that area have widespread support, at least until legislation reaches the lower house, while the recent Federal Budget has concerned many planners with its changes to superannuation contributions.

Have you made up your mind about which of the main parties (if any) you will support?  Do you think the outcome will make any difference to your own financial well-being and that of your clients?  If so, who would do a better job?

Let us know your thoughts…



8 COMMENTS

  1. Can’t believe a liberal government would cave in to having to be seen as the tough guys….. Bcc caps, back dated, tax deductible contributions down to 25 k…. Trying the emulate the foolishness of Gillard …. Hit the tax payer while the other half of the population pays nothing
    And all the time the governments revenue rises and rises and rises …. And still they have to find ways to lift taxes……. Live within your means , a saying lost since Howard left, on both sides of parliament

  2. Both parties want to get rid of small business risk advisers. Abbott/Turnbull because the banks are heavying them, Shorten because he wants to prop up the industry funds
    Who gives a …………..

  3. In order for any political party to make sensible policies, they must first get accurate data and attain advice that is in the interest of all Australians.

    With regard to Life Insurance, the Government has been advised by every man and his dog, many of whom, either have no idea of what they are talking about, or worse, have been spoon fed false information from vested interest groups like the FSC, who should have known better and who now have zero credibility around their submissions pertaining to advised retail Life Insurance.

    Unfortunately, the line of difference between Liberal and Labor, is a narrow game of brinkmanship, with all talk and little sense when it comes to how the Life Insurance sector should be treated and regulated.

    • I Wonder what the FPA and AFA are considering ?? The legislation we all agree on Commissions and “Clawback” arrangements was “floored” unfair and one sided.
      The independent advisers was blamed for ALL the issues from the Storm fallout and every bank “wrought”. since then Policy flogging direct insurers do nothing but “inflame” the situation and it would be interesting to get from FOS a breakup on where their claims are coming from and who is to blame.
      I would like to be as certain of winning Lotto who comes out on top !!
      If our association want to keep their positions in our community and have advisers that look to them as industry leaders and a guiding assistance they need to stand up now !! Get some real facts together and re present THE TRUTH to the next government whoever they may be.
      Stop pandering to the FSC and the banks who are only interested in their own profits. Stand up for the members who need and pay for your assistance.
      If you don’t you just mimic a rogue Union who makes you pay fees to support their interests and does nothing to assist when needed most.
      ITS NOW OR NEVER

    • The only people they haven’t listened to are the “ACTUAL ADVISERS” themselves. Maybe if they did they may have a different view…………… but that would take a degree of common sense. The ‘experts’ on the other hand can waffle on to their heart’s content, destroy a lot of small businesses, and then move to the next issue that needs ( or more correctly doesn’t need ) their supposed expertise. Did I forget to mention they also collect big dollars along the way.

  4. When are these government employees going to look at their own benefits, eg. lifetime pensions when they leave office even if they go to another job, travel benefits, fat defined benefit pensions, etc. and stop attacking the small business owners they pretend to be interested in helping?

  5. Neither Party cares any more.The Liberal Party have moved so far to the left that they will sacrifice their own constituency to look as if they care … but who ?
    Real Liberals no longer identify with those who claim to represent them.
    The Labour Party actually does care about union power, spending more money even if they have to borrow more to do it.They believe in giving money away to those who are happy to accept a handout, even though they have to borrow the money to do it.
    It’s hard to see how real tax paying Australians will get a fair go from either political party which is why it probably doesn’t matter who ends up with the power.

  6. The confected outrage of the twittersphere rules supreme, with both parties now terrified to bring common sense to any issue, whether it be financial services, Climate Change or anything else for that matter. The ALP has gone so far left to arrest the leaking of votes to the closet communists, the Greens and the Libs have now happily headed in the same direction to capture the disaffected former ALP Right. When we are left to rely on commentators like former self-confessed “hater” Mark Latham (whose views are now well right of both majors) for common sense than both major parties, you know we are in trouble.

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