The Nationals and Greens will resume their examination of financial advice and insurance after the election stating that insurance and advice business models needed to be reviewed following other inquiries into the sector.
In a statement supplied to the Association of Financial Advisers (AFA), National Party Senator for NSW, John Williams said he would return to examining the life insurance sector via ongoing parliamentary inquiries.
“Attention is now focused on the life insurance industry which has questions to answer,” Williams wrote in his statement supplied to the AFA, in which he referenced media and senate inquiries into advice provided by Commonwealth Financial Planning and the work of the Australian Securities and Investments Commission (ASIC).
“The Senate inquiry into the life insurance industry will be reactivated when the new Parliament resumes and the insurers will get a chance to defend their policies, and consumers can air their grievances without fear of retribution,” Williams said, referring to the long running Scrutiny of Financial Advice inquiry which was halted by the election.
“The Senate inquiry into the life insurance industry will be reactivated when the new Parliament resumes…”
However, Greens Senator for Tasmania and its spokesperson for Finance, Peter Whish-Wilson said his party would continue to call for a Royal Commission into the financial sector, including the nature and presence of vertically integrated advice businesses.
“While senate inquiries have helped exposed wrongdoing and have bought about some reform, they have only scratched the surface. We would use a Royal Commission to fully explore the impact that vertically integrated businesses are having on the financial planning sector and the broader economy,” Whish-Wilson said in his statement to the AFA.
“With so many planners employed in the wealth management arms of banks there are obvious concerns about examining the core business model. But the future of the financial planning sector rests on consumers having confidence in advisors. A mature industry must be able to face up to the problems within it so that it can ensure its long term viability.”
The comments were made in statements sent to the AFA which has contacted the major and minor political parties seeking their positions on matters related to financial services and advice.
The AFA has, so far, received responses from the Liberal Party, Labor Party, Nationals Party, Liberal Democrats and the Greens with the Federal Government, the Opposition and Liberal Democrats commenting solely on the issue of superannuation.
Haven’t these clowns got anything more important to discuss?
Obviously not that’s why this topic keeps coming up.
The Senate is composed on absolute fools and dopes.
It’s a sheltered workshop.
Perhaps it’s time for a Royal Commission into the conduct of parliamentarians. Why do they find it necessary to be less that open as to their wealth? Why do they need to exploit any loop hole to suck up dollars regarding accommodation allowances, have extravagant overseas jaunts,? Politicians have the potential to cause significantly more harm to their constituents and have done than all the financial planners since time began.
A sign of the calibre of politicians is how successful they are before and after politics.
The majority just go onto welfare – some sort of crony appointment because they are too stupid to earn a real living.
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