{"id":9614,"date":"2011-03-10T13:15:05","date_gmt":"2011-03-10T02:15:05","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=9614"},"modified":"2021-01-13T06:35:16","modified_gmt":"2021-01-12T20:35:16","slug":"opt-in-is-a-yes-minister-policy-afa","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2011\/03\/10\/opt-in-is-a-yes-minister-policy-afa\/","title":{"rendered":"Opt-in is a \u2018Yes Minister\u2019 Policy &#8211; AFA"},"content":{"rendered":"<p>The Association of Financial Advisers (AFA) has continued to voice its opposition to the Government&#8217;s proposed &#8220;opt-in&#8221; reform, saying: &#8220;It looks like a policy dreamed up by the scriptwriters of <em>Yes Minister<\/em>.<em>&#8220;<\/em><\/p>\n<p><!--more-->AFA CEO, <strong>Richard Klipin<\/strong>, cited recent Senate Estimate hearings, which suggested the reform will add around $100,000 to the running costs of an average advisory practice.<\/p>\n<p>&#8220;A world in which unnecessary costs impede consumer access to advice is bad for consumers, bad for advisers and bad for the country,&#8221; said Mr Klipin.<\/p>\n<p>Mr Klipin referred to questions asked by the Opposition spokesman on Financial Services, <strong>Senator Mathias Cormann<\/strong>,\u00a0at a Senate Economics Committee hearing in late\u00a0February.<\/p>\n<p>In the hearing, Senator Cormann asked whether the committee had assessed the impact of opt-in on &#8220;the cost, availability and quality of advice&#8221;.\u00a0 In response, Treasury officials said that they had received reports &#8220;almost daily from various people who are doing studies in this area&#8221;.<\/p>\n<p>Treasury officials summarised the responses, estimating that the opt-in reform would cost around $100 per person per client.\u00a0 &#8220;For an average size advisory firm, that might be around $100,000 a year,&#8221; one official said.<\/p>\n<p>Mr Klipin argued that such a cost was prohibitive, and would &#8220;hurt the very people [the reform] is designed to protect&#8221;.<\/p>\n<h6>Opt-in is poor public policy with no discernable benefit<\/h6>\n<p>&#8220;Opt-in is poor public policy with no discernable benefit &#8211; not for consumers, not for the advisory profession and not for the broader community,&#8221; said Mr Klipin.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Association of Financial Advisers (AFA) has continued to voice its opposition to the Government&#8217;s proposed &#8220;opt-in&#8221; reform, saying: &#8220;It looks like a policy dreamed up by the scriptwriters of Yes Minister.&#8220;<\/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],"tags":[],"class_list":["post-9614","post","type-post","status-publish","format-standard","category-associations","category-compliance-regulation"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/9614","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=9614"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/9614\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=9614"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=9614"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=9614"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}