Two of the financial advice industry’s biggest critics have indicated they would review their communications to consumers if the Future of Financial Advice (FoFA) reforms are passed.<\/p>\n
Speaking\u00a0at a panel session at the ASIC Summer School, Choice’s Jenny Mack<\/strong>, and Industry Super Network CEO, David Whitely<\/strong>, expressed their views on FoFA, each\u00a0praising the proposed reform\u00a0package in the belief that it would improve the quality and quantity of advice delivered to consumers.<\/p>\n The panellists were asked by riskinfo whether, once the reforms were passed, their organisations\u00a0would review their public messages, which have historically positioned financial advisers in a negative light.<\/p>\n Mr Whitely responded cautiously, indicating that further ‘watering-down’ of the reforms may mean FoFA does not deliver its intended outcomes.<\/p>\n “On the one hand,” said Mr Whitely, “those of us that have been critical of the system and the way it currently works can be expected to… change our views and become supporters of the industry if the reforms go through.\u00a0 The other side of that is that if they continue to get diluted to the point where we don’t believe that these reforms are going to be adequate to address the problems, then I think that puts us, and the industry as a whole, in a slightly more interesting position.<\/p>\n “That’s why we’ve been quite keen to say these reforms, in the current state they’re in, are moderate, and really now probably do deserve the full support of the industry as a whole.”<\/p>\n Ms Mack acknowledged that Choice had previously highlighted to consumers the problems with the advice industry.<\/p>\n “Some of the information Choice has provided to consumers historically has been about some of the problems in the industry, and that’s been a little bit unsettling for consumers.\u00a0 We’re hoping, once these reforms are in, we can provide some much more positive messages to consumers about how they can navigate their way through this industry.”<\/p>\n She added that while initial communication to consumers when the reforms were passed was important, it was critical that these messages were “…continued at periods over the following years, so that consumers really get to understand the – hopefully – changed nature of the industry.”<\/p>\n","protected":false},"excerpt":{"rendered":" Two of the financial advice industry’s biggest critics have indicated they would review their communications to consumers if the Future of Financial Advice (FoFA) reforms are passed.<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[282,8,241],"tags":[],"class_list":["post-14279","post","type-post","status-publish","format-standard","category-associations","category-compliance-regulation","category-conferences-and-events"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/14279","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=14279"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/14279\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=14279"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=14279"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=14279"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}(The reforms) really now probably do deserve the full support of the industry as a whole<\/h6>\n