Former NSW Liberal Party leader John Brogden says millions of people have been priced out of “critical” money help.
Former NSW Liberal Party leader John Brogden says millions of middle income earners have been priced out of “critical” financial advice as they near retirement, due to escalating costs caused by over-regulation.
Mr Brogden, a trustee director of Colonial First State’s superannuation funds and a former Financial Services Council CEO, said Labor’s introduction of the duty and other landmark 2012 Future of Financial Advice reforms were an “important” response to aBut he said that, 10 years after FoFA’s enactment, the regulatory “pendulum has swung too far”, citing FSC data suggesting just one third of retirees will receive advice over the next decade on current policy settings.
“For this last group – which is millions of Australians – financial advice is critical,” he said. “The right investments tailored to their personal circumstances, type and level of insurance cover, drawdown considerations [and] downsizing ... are just some of the many areas where advice is needed.”The goal of boosting access to advice has bipartisan political support.
However, consumer advocates have pushed back against any move to remove key planks of the FoFA reforms as a. While consumer advocacy group Choice has previously acknowledged some “unhelpful disclosure” requirements could be wound back, it strongly opposed Ms Levy’s plan to “make it easier” for banks and fund managers to provide cost-effective or digital forms of advice.
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