February 5, 2013
Following the September 2013 Federal Election, which Government will deliver a better financial services industry for advisers and consumers?
- A new Coalition Government (91%)
- A returned Labor Government (5%)
- It will make no difference (4%)
- Not sure (0%)
Many in the financial services sector have been contemplating the distinct possibility of a change of Government this September, and the implications this may have on the roll-out of the current Government’s Future of Financial Advice (FoFA) reforms, due to take effect from 1 July.
In the lead-up to the 2010 federal election, there was overwhelming support from advisers for a change in Government. But Labor held on to power, by the narrowest of margins. Has the majority position changed since then? Or does it remain about the same?
Even if the majority of advisers still support the Coalition’s position, is it possible that advisers and the industry would simply prefer to retain the proposed FoFA legislation ‘as is’, rather than having to experience yet another round of changes and industry debate that would inevitably be involved in rolling back some key elements of the FoFA reforms? Would this prospect make any difference to your approach?
As you look towards election day on September 14 2013, are you still making 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…