The results of our latest poll indicate financial advisers continue to hold fundamental objections to the Government’s Future of Financial Advice (FoFA) reform agenda.
Responding to our question:
Are you more concerned with the nature of the proposed FoFA reforms or with the timing of their implementation?
60% of advisers have said they are equally concerned with both the content of the proposed FoFA legislation and its timing, while an additional 20% of poll respondents said it is the content alone with which they have the greatest concern.
Only 3% of those responding to our poll say they are still unsure about FoFA’s timing and content, implying most advisers have by now made up their mind about FoFA, most of whom hold concerns.
While one adviser observed that:
‘Everyone who wants to stay in the industry long term wants some of the FoFA rules in order to get rid of the bad eggs’,
other comments took aim at the Government and/or the industry funds and/or the ‘big end of town’ as advancing their own agendas at the long-term expense of the independent financial adviser, and the detrimental effect they believe this would have on the ability of lower income earners to access quality financial advice.
There is also a sense emerging that many advisers have become jaded with the constant media reporting of FoFA issues and processes and simply want to roll up their sleeves and get on with the job of serving their clients under the new financial services regime.
As the industry awaits further developments about the outcome of the PJC inquiry report on the proposed FoFA legislation and the timing of its implementation, we still want to hear from you about the extent to which you believe this reform agenda and its timing will be impacting you, your advice practice and your ability to serve the financial needs of your clients…
