Australia’s two main financial adviser representative bodies have both welcomed the appointment of The Hon Chris Bowen MP as the Federal Governments’ new Minister for Financial Services, Superannuation and Corporate Law, and Minister for Human Services.
In welcoming Mr Bowen’s appointment, FPA CEO, Jo-Anne Bloch, observed that Mr Bowen “… has a strong track record with the financial services sector through tax reform and the financial services hub, specifically with financial planners through the Tax Agent Services legislation.”
“The FPA is keen to begin talks with Mr Bowen about … the need to better define the term financial planner.”
Also raising the issue of the status of financial planners, Ms Bloch added, “The FPA is keen to begin talks with Mr Bowen about changes to superannuation in the Budget and the need to better define the term financial planner.”
AFA CEO Richard Klipin told riskinfo the Association welcomes Mr Bowen’s appointment, recognising the significance of the fact that this portfolio is now represented in Federal Cabinet.
Along with other industry groups, the AFA says it looks forward to working with Minister Bowen, but it has also recognised the valuable contribution made to the portfolio by outgoing Minister Senator Nick Sherry, who has moved to the Assistant Treasurer portfolio.
Other representative industry groups such as the Investment and Financial Services Association ((IFSA) and the Association of Superannuation Funds of Australia (ASFA) have also welcomed Mr Bowen’s appointment, with ASFA congratulating the Rudd Government for ‘… recognising the significance of superannuation by promoting the portfolio into the Federal Cabinet.’
Mr Bowen’s appointment follows a minor Cabinet reshuffle brought about by the resignation last week of the Minister for Defence, The Hon Joel Fitzgibbon. Prior to this appointment, Mr Bowen served the Government as Assistant Treasurer.
