{"id":22599,"date":"2013-09-03T13:46:57","date_gmt":"2013-09-03T03:46:57","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=22599"},"modified":"2013-09-09T16:31:27","modified_gmt":"2013-09-09T06:31:27","slug":"will-coalition-deliver-on-fofa-promise","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2013\/09\/03\/will-coalition-deliver-on-fofa-promise\/","title":{"rendered":"Will Coalition Deliver on FoFA Promise?"},"content":{"rendered":"
\n\t\t
Do you believe that the Coalition will deliver on its promise to fix elements of the FoFA reforms?<\/strong><\/div>
    \n\t\t
  • Yes (68%)<\/small>
    <\/div><\/li>\n\t\t
  • Not sure (21%)<\/small>
    <\/div><\/li>\n\t\t
  • No (10%)<\/small>
    <\/div><\/li>\n\t\t<\/ul>
    <\/div><\/div>\n\t\t\n<\/div>\n\n

    Our latest poll\u00a0centres on\u00a0whether advisers believe a Coalition Government would follow through on its promise to wind back elements of the FoFA reforms.<\/p>\n

    <\/p>\n

    Shadow Minister for Financial Services, Senator Mathias Cormann<\/strong>, has reiterated on numerous occasions over the past 12 months that the Coalition has a plan to fix what it sees as the problems associated with the FoFA reforms.<\/p>\n

    Specifically, the Coalition has confirmed it will:<\/p>\n

      \n
    • Completely remove the opt-in requirements<\/li>\n
    • Simplify and streamline the annual fee disclosure requirements<\/li>\n
    • Improve the best interests duty<\/li>\n
    • Provide certainty around the provision and availability of scaled advice<\/li>\n
    • Refine the ban of commissions on risk insurance inside superannuation<\/li>\n<\/ul>\n

      Speaking via video message at last year\u2019s Association of Financial Advisers\u2019 National Conference, Senator Cormann said the Coalition had already drafted the necessary documentation to enact the changes.<\/p>\n

      But do you think the Coalition will\u00a0deliver these reforms\u00a0now that they have been elected?\u00a0Or are there other factors that may distract the Coalition from delivering on its promise?<\/p>\n

      For example, Shadow Treasurer, Joe Hockey<\/strong>, has flagged his intention to undertake a \u2018Son of Wallis\u2019 review into the banking and financial services sector. If such a review were to take place, would the Coalition delay making any changes to the financial services system until the results were tabled?<\/p>\n

      Mr Hockey and Senator Cormann have also pledged to restore confidence in superannuation by delivering greater certainty and stability for the superannuation industry. While not directly related to the FoFA reforms, the Senator may determine that the wider financial services industry needs time to stabilise following the significant amount of change handed down over the last twelve months and could recommend the Coalition hold off implementing any further change to the industry to allow it to bed-down the existing reforms.<\/p>\n

      Of course, there are no guarantees that Senator Cormann will retain carriage of the Financial Services portfolio after the election. Tony Abbott<\/strong> may decide to re-assign Senator Cormann to an alternative portfolio, replacing him with a new Minister who may require some time to get up to speed with the issues facing financial services.<\/p>\n

      So, do you think the Coalition will deliver on its promise to roll-back FoFA? We look forward to hearing your thoughts\u2026<\/p>\n

       <\/p>\n","protected":false},"excerpt":{"rendered":"

      Our latest poll\u00a0centres on\u00a0whether advisers believe a Coalition Government would follow through on its promise to wind back elements of the FoFA reforms.<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,3,49],"tags":[],"class_list":{"0":"post-22599","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-compliance-regulation","7":"category-general","8":"category-polls"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/22599","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=22599"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/22599\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=22599"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=22599"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=22599"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}