Back flip could save retirement

FoFA legislation under fire as senators back flip on agreement.

Back flip could save retirement

A reversal of the changes to the Future of Financial Advice (FoFA) legislation which was introduced on 1 July 2014, passed through the senate last night after several senators backed away from the agreement previously struck with the Abbott Government. Senators Jacqui Lambie of the Palmer United Party (PUP) and Ricky Muir of the Motoring Enthusiasts Party added their support to Labor senator Sam Dastyari’s move to have the changes revoked. On Tuesday, Senator Dastyari had also managed to secure the votes of all Greens senators and those of independents John Madigan and Nick Xenophon, giving Labor the votes it needed to undo the recent deal struck between Clive Palmer (on behalf of PUP) and Finance Minister, Mathias Cormann.

The disallowance motion removes all the changes which enabled the watering down of consumer protection laws in relation to financial advice.

Senator Dastyari said of the move that it was a “coalition of common sense”. "We've put together a group of senators who've said 'Enough's enough, there have been too many victims of financial crime and the last thing we should be doing is watering down protections for consumers,” he said. "These regulations by Mathias Cormann were returning us to the bad old days of financial planning where a handful of crooks, criminals and conmen dominated the industry."

While senators Lambie and Muir were denounced by Clive Palmer for changing their minds after amendments to the legislation requested by them had been implemented, Jacquie Lambie stood firm. "I have to do what's right by my conscience and I believe we've allowed it to be watered down - and that's the issue I have with it, I've had that issue all along with it," she said.

"The first couple of weeks of being up in the Senate were very difficult, we were all trying to find our waywell, I've found my way now. You know what, sometimes when you make a wrong (sic) you have to go back in there and make it right, and that's exactly what I'm doing now, " Senator Lambie responded.

Senator Corrmann called on senators Lambie and Muir to honour the agreement and said that disallowing the changes would be bad for small business financial advisors and their clients.


Read more at SMH.com.au

Opinion: A win for retirees

Who knows what really prompted the back flip by senators Lambie and Muir to support the disallowance of changes to FoFA, and frankly, who cares? Common sense has prevailed.

However, what has probably been just as damaging as the removal of consumer protection laws in the FoFA debacle, is the sheer confusion it has caused for those who desperately need to seek financial advice. Quite honestly, the average consumer can be forgiven for not knowing where they stand with financial advisers. So, should the vote indeed pass the Senate and the changes are disallowed, what will this mean for you?

In simple terms, consumers will notice the following:

  • Financial advisers will have a clear obligation to act in a client’s best interests at all times.
  • Conflict payments, such as wholesale bonuses to financial planning dealer groups based on their sales will be banned, meaning clients should expect to receive unconflicted advice.
  • Any fees, be they upfront or trailing commission, will have to be disclosed regularly, with advisers being required to contact clients at least every two years to ensure they are happy to keep paying fees.
  • The Australian securities and Investments Commission (ASIC) has noted the disallowance and stated that it will “take a practical and measured approach to administering the law” and work in a facilitative manner with financial services licensees until 1 July 2015 – i.e. it will allow planners time to get their act together in the wake of the reversal of legislation.

When reviewing this list, it’s difficult to see what all the fuss was about, as these measures are, in plain terms, no-brainers. However, the reinstatement of such protection measures will hurt the big four banks and AMP financially, so it’s no surprise that this is where most of the government’s support is garnered.

Financial planning scandals are never far from the headlines and we can only hope that the increased commentary surrounding, and awareness of, financial planning regulations will make such scandals a thing of the past.

Do you think that the disallowance of the changes will actually help consumers? Do these changes make you feel more confident about seeking financial advice? Or do you think that the whole financial planning industry has been tainted by scandal?





    COMMENTS

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    wally
    20th Nov 2014
    9:51am
    What sort of advice do retirees on the Centrelink age pension need? For example, do the Centrelink aged pensioners need to be told not to smoke, drink alcohol or play poker machines? None of us can "turn the clock back" and rectify our past mistakes, financial or otherwise. Certainly people seeking advise in financial matters would be wise to get "quotes" from different sources as you would from tradesmen doing work around your home. Did the Labor government, in passing the original legislation, think we are all so dumb as to need reminding to approach investment advice with care?
    In dealing either with banks or load sharks, we should look at the advisors and wonder to ourselves, "What's in it for them?" It is always better to ask what may seem to be "dumb questions" instead of allowing ourselves to be rushed into dumb mistakes.
    btony
    20th Nov 2014
    10:01am
    Got it in one, wally.Oh and, people, just watch the ad for Australian super to see where your money goes :-).
    dougie
    20th Nov 2014
    11:52am
    No matter what the vultures, sorry Financial Advisers, get their stipend, even if we are losing money they claim theirs. Those associated with banks are no better than freelancers. When a FA claims he can secure you a certain income or insurance rate they should be required by law to forego their fee and make up any shortfall in their promised return on investment. If this were so there would be a lot of very poor FAs and retirees and investors with more money. Give the lot of them the boot and even if you only achieve bank interest rates it is better than losing the lot.
    MITZY
    20th Nov 2014
    12:57pm
    Wally: You may have the intellect to look after yourself, but so many others haven't.

    If Joe Hockey's mother can lose her invested money to the unscrupulous CBA investment adviser (the Asian fellow that was still getting away with ripping off people until recent weeks and so far I believe has not been punished for his crimes) surely anybody can be caught in the web of deceipt from some of these investment advisers. Apparently this legislation by Mathias Cormann and the Coalition to the Labor government's tightening provisions was idiotic. All Cormann can say now is it will be bad for small business, the investment advisers and their clients! I don't think he is too concerned about the clients, i.e. the ones losing their hard-earned savings. Its all about "big business" as usual and Cormann's idea of taking away some protection laws from the client is just making life easier for the investment adviser. Let the bleeders work a bit harder and fill in some paper-work and earn the atrocious moneys they receive in commissions etc. The Cormann Law apparently will stand for the time being, but will revert to the previous Labor legislation some time next year. And so it should. The more protection the general public receives from shonky investment advisers, real estate agents, etc. etc. the better.
    MITZY
    20th Nov 2014
    12:59pm
    Wally: The law is not just for the protection of pensioners on Centrelink payments.
    I doubt Joe Hockey's mother would be one?
    sidney70
    20th Nov 2014
    2:02pm
    Well said MITZY. Who is looking out for the older people who can,t understand the gobblygook.
    Rod63
    20th Nov 2014
    2:16pm
    "What sort of advice do retirees on the Centrelink age pension need?"

    Probably none,just as many other people don't either. But this is about those who DO need advice.
    dougie
    20th Nov 2014
    2:46pm
    Mitzy,
    It does not take much intellect to walk into a bank and ask an Interest Rate!
    You are right I have looked after many peoples finances,not for a bank or investment society and never received a cent in commission or fees. Each of those people or organisations ended up with more than they started, none lost a cent and I still maintain my total honesty. No I am not a saint nor a sinner just a person who has helped people less fortunate than me and without want or need of a reward.
    If Joe Hockey's mother lost her money as you say, it was not through her lack of understanding etc, just the greed for more than a fair return. Little fish are sweet to eat and the bones do not choke if the fish is eaten slowly. (Old dougie proverb.)
    MICK
    20th Nov 2014
    11:36pm
    Come off the grass wally. We are talking about retirees predominantly who lost their life savings. Not because these people chose an investment option but rather because they were either sold a dud which the salesman made a good commission on or were put into certain product against their advice. This is where the CBA got caught out.
    Your liberal party support is a disgrace wally. i thought that you had more ethics than to protect the big banks playing a crooked hand rather than people who have worked a lifetime and just want a reasonable return so that they can pay their bills.
    Your attack on Labor is the normal dishonest approach. For anybody reading this post it needs to be understood that Labor brought in reforms in the wake of a number of planning industry failures where the large players responsible walked away after ruining the last year of many an Australian. The current disreputable government has tried to wind back these protections introduced by Labor.....because this government is controlled by big business.
    Tell the truth wally. Not the fairy tale you go on with.
    Anonymous
    23rd Nov 2014
    11:54am
    "what sort of information do retirees on the Centrelink age pension need?"

    I would suggest there are a great many who are only on a very minimal aged pension and have quite a lot of money invested or wish to invest but want to make sure they can still access a part pension and its associated concessions.

    This is where financial advisors come into the picture.
    ozzie
    20th Nov 2014
    10:09am
    This is a great win for all Australians. I worked in the back offices in administrative roles of the Life Insurance Industry from 1971 to 1991.....and the "excesses of unionised capitalism" that was lavished on the Salespeople & their Mangers et al was grossly immoral - eg up to 110% & even higher in some cases - of the 1st years premium paid on a Life Policy went straight into the wallet of the Salesperson. In those days the "Painter's & Docker's Union" were considered corrupt - bl**dy hell, they wouldn't hold a candle to what was going on in the Life Insurance Industry. Those practices have been curbed over time, but the current day "Financial Planners" as they have "re-badged themselves still have among their number a lot of shonky people, whose sole aim is to sell a "financial product" that earns them the greatest amount of commission & also bonuses + possible annual off-shore 5 star "Conferences".......so in a sense "I care" and am glad that another Conservative supporting lobby group have not been "let off the leash" to revert to those ways of doing what is best for them.....and bugger the punter!!!
    FrankC
    20th Nov 2014
    12:15pm
    For one moment Ozzie, I thought you were talking about real estate agents !
    Anonymous
    20th Nov 2014
    12:56pm
    Agree with you totally ozzie... these sleaze bags continue to get commissions for decades in some cases
    KSS
    20th Nov 2014
    2:05pm
    Trood there is a website https://www.yourshare.com.au/ where you can claim cash back in exactly these circumstances. Try it and see if you can retrieve your share.
    ozzie
    20th Nov 2014
    3:39pm
    I have used YourShare since they started up.....prior to that I used Neville Ward :->)
    bartpcb
    20th Nov 2014
    10:32am
    Any government that attempts to remove 'safety measures and regulation' that are designed to protect those that are most vulnerable in society,(of which the government has custodial care), is clearly unsuited to it's position. If society was epitomised as a child we would remove 'the child' for it's own welfare and protection. In this case 'removing the child' is impractical, so we need to remove the 'irresponsible and negligent parent', this government!
    MICK
    20th Nov 2014
    11:39pm
    This government is a disgrace after breaking every promise it made before the last election. Since then it has attacked average Australians relentlessly whilst being the administrative arm of its benefactors: big business.
    What it tried on with FOFA should come as no surprise.
    Abbott and his cronies will be gone in a year and not many average Australians will shed a tear.
    bartpcb
    20th Nov 2014
    10:45am
    Wally, while there is some merit in your comment, you appear to be ignorant of the guile that is used by the unscrupulous to 'beguile, confuse and rip off, even those that make every attempt to gain the information you appear to believe is readily available. Now you may be a person of superior intellect and be able to avoid the traps and snares of the unscrupulous, but there have been many such people (responsible owners of businesses also) who have lost everything due to 'lack of regulation.
    Paddles
    20th Nov 2014
    9:37pm
    bartpcb

    Your post touches on some valid points but, in my opinion, omitted the most fundamental characteristic in any discussion of such matters...........and that is GREED!

    It is inherent in all of us to some degree but it is only when you allow it to gain ascendancy over caution, common sense and the multitude of so-called "bad luck" stories, that you are in trouble.

    It is part of the human condition to believe that one's action will result in, at least, no harm and potentially a good outcome so, given this, many otherwise sensible people are vulnerable to the spiel of some smooth tongued "advisor".
    MICK
    20th Nov 2014
    11:41pm
    Spot on Paddles. And then there is the cover up and having the power to walk away and leave the victims destitute.
    Kato
    20th Nov 2014
    11:58am
    It needed to be overruled as the ACCC is as useless as you know what on a bull.
    There are many good hard working people who have been ripped off and had no recourse.
    This should not be allowed to happen in what most people deem a civilised and fair society.
    it seem's corruption rules in many forms. Not all the people who have had there life savings taken by unscrupulous companies are unintelligent just caught up in the speel. and we get that in all forms of life don't we
    Mar
    20th Nov 2014
    12:03pm
    bartbcp, absolutely agree with you. My husband lost a third of his super in 2007 whilst he was battling terminal cancer, because of indifference by the financial advisor. He was too sick to deal with it and passed away not knowing how bad things had gone. I picked up the pieces , dealt with the reduction in income and found a safer investment for what was left. It can be a minefield out there particularly for women whose husbands managed the financial side of things. I'm glad to hear there is a watchdog in parliament.
    KSS
    20th Nov 2014
    12:37pm
    Whilst I am not unsympathetic to your plight Mar, I cannot understand how a 'watchdog in Parliament' would have (or will in future) prevented your situation. You say the advisor was 'indifferent'. How would the watchdog prevent that? The watchdog will not be checking everyone's financial affairs on a regular basis. Can you imagine the outcry if they did?

    The real lesson in your story is that financial matters should not and must not be left to one person in the relationship. Both partners must understand their financial situation so that in the event of a major event such as the death of one of them, the other is not left without resources. And this is true what ever age you are.
    Paddles
    20th Nov 2014
    9:40pm
    KSS

    How refreshing it is to hear a (your) voice of reason on this site.
    MICK
    20th Nov 2014
    11:43pm
    KSS: the whole point is that the new legislation puts the onus on the provider of advice. Bad advice can then lead to an easier prosecution where the the more powerful party (the banks) do not have a leg to stand on if they messed up.
    Simo
    20th Nov 2014
    12:10pm
    I'm right got no money to invest barley manage to live day to day on the Aged Pension, worked hard for more than 60 years but the bloody governments made sure I was kicked down then kicked again.
    Paddles
    20th Nov 2014
    9:44pm
    Simo

    If you were granted your time over again, would you have made any different decisions.

    If "Yes", then how much of the blame will you take for your current situation or are you one of those who seek to blame the Govt for every goddamn thing that is wrong in life?
    retroy
    20th Nov 2014
    12:32pm
    Yes these financial advisor people need some regulation where is little care and no responsibility, so good for the independents who looked after us old folks.
    In 2000 I forked out for a professional financial plan but it was virtually useless so been on my own ever since. There will be no assistance coming my way from Government and doing OK, but if this legislation helps some retiree from getting fleeced, that will be a great outcome.
    Hawkeye
    20th Nov 2014
    1:09pm
    The fact that this Liberal Party would even consider scrapping consumer protection like this is proof of how corrupt they are.
    Now the Parliament has decided to stop their games is indeed a blow for common sense.
    DEMOCRACY IN ACTION!!!!!

    People tend to forget that the government is the whole parliament, not just the party with the most members. If a decision is passed by a majority of MP's, like this one has, then it has been democratically passed, whether the bloody Liberal Party agrees with it or not.

    Anyhow, back on the subject of Financial Planners and their trustworthyness (or lack of).
    Without these laws, they are salesmen, interested only in their own prosperity, and we are the prey.
    With these laws, the are forced show an interest in us and our prosperity if they are to prosper.

    Just remember, it is a "collar and tie" industry, which means "I tell lies for a living".
    NEVER TRUST A PERSON WEARING A TIE
    KSS
    20th Nov 2014
    1:31pm
    Hawkeye, they are still 'salesmen' they just have to tell you they are salesmen and who they are selling for at what price. You still have to make your own decisions about whether to accept their product or not. That is a responsibility that always was and remains with the purchaser.
    Rod63
    20th Nov 2014
    2:13pm
    Hawkeye, you say, "the government is the whole parliament, not just the party with the most members."

    This is incorrect. The government IS the party with the most members in the H of R ( or teh party which can have a majority with support of other parties/independents as per the last Labor government).
    Adrianus
    20th Nov 2014
    3:49pm
    Hawkeye, your statement is not based on fact. What consumer protection was about to be scrapped??? Please explain??? Please tell me you are not just repeating the lies you have heard from labor and the greens?
    Hawkeye
    20th Nov 2014
    10:29pm
    Frank, did you not read the opening article by Debbie. She calls it "watering down" and I call it "scrapping". Same outcome.

    Rod63, You are wrong my friend. The current situation of allocating the titles of Government and Opposition are merely what the system has degenerated into at the hands of our two party system and their vested interests. We are actually supposed to be governed by the Parliament, with the Upper House representing the states, reviewing their decisions to keep them in check.
    What happens to your idea of government when EVERYBODY comes to their senses and all vote for independents.
    MICK
    20th Nov 2014
    11:45pm
    You are such a blatant troll Frank. You know full well that Abbott and his cronies watered down the protections put in place by Labor. The reason for this was to protect their banking mates.
    If you want details then google it rather than play the devil's advocate.
    Adrianus
    21st Nov 2014
    8:33am
    So mick you don't know either? If you want to talk about protecting banking mates, then explain how Storm and the CBA managed to destroy people's lives under the noses of ASIC with the ALP and their coalition of common sense too busy fighting with each other to notice the carnage.
    MICK
    21st Nov 2014
    11:44am
    ASIC is a toothless tiger which needs to be restructured so that the army of do nothing pen pushers is replaced with people do the job.
    Your continued scapegoating of Labor avoids the point that BOTH SIDES ignore things like like the Storm and CBA until the media forces them to act. You are good at unfair accusations....but that is how political trolls work.
    Polly Esther
    20th Nov 2014
    1:11pm
    I heard that Lambie was sent back to the paddock. The pup got tired of trying to round her up.
    Anyway hope it's not a back flip with an inward pike and incorporating a double twist.
    Mar
    20th Nov 2014
    1:32pm
    KSS, By indifferent I mean he did not advise us at a crucial time what was happening in the market. Dealing with terminal illness and grief we did not involve ourselves at that time, in the belief that he would advise us if we needed to take notice or give direction. Many others we found out later with other advisers, had been given options to avoid such a downfall. Surely, an individual gets an adviser to let them know if they should be concerned. Why else would you pay them. They are supposed to be keeping an eye and advising!!
    Paddles
    20th Nov 2014
    9:55pm
    Mar

    I too am sympathetic to your misfortunes and I was about to make basically the same comments as KSS but, having read that post and agreeing with it, I didn't chime in.

    But here you are again adopting the stance that you expect a Financial Adviser to keep a watching brief on not only your investments, but your life generally with all that that implies.

    Apart from financial advisers, there are lifestyle advisers who would seem to profile better for your needs. It seems that you really do need some sensible advice and if you are disinclined to seek this outside your immediate circle, then surely you would know some level-headed person to consult.
    Aussiefrog
    20th Nov 2014
    1:49pm
    Jacqui Lambie is a hero!
    KSS
    20th Nov 2014
    2:08pm
    With an inglorious past in the armed forces. Yes a true hero.
    Adrianus
    20th Nov 2014
    3:17pm
    Lambie is no hero. She should find a new career.
    dougie
    20th Nov 2014
    3:32pm
    Maybe she could be turned into the back paddock with a certain Greens Senator from Tasmania and they could spend their days extolling their own virtues to one and another. Government would be much better off without either of these ladies.
    Paddles
    20th Nov 2014
    10:02pm
    Aussiefrog

    Sorry to be pedantic but biologically, she would have to be a heroine but that label doesn't cover her either.

    In non gender specific terms, she is a nutter and will prove to be a barnacle on the arse of progress for the next six years. The most worthwhile contribution she can make to this country is to serve as a classic example of the idiocy of her electorate and the pressing need for reform to our electoral system.
    MICK
    20th Nov 2014
    11:48pm
    Respect Lambie for her ideals and not her foot in mouth cumbersome conduct. I have to admire Lambie for morals in a place where dishonesty, manipulation and crooked games seem to take place on a daily basis.
    We need more up front pollies who do not double cross their electorates or the nation as a whole.
    KSS
    20th Nov 2014
    1:49pm
    Looking at some of the comments here, there seems to be a potential danger of some people thinking that from now on their investments are safe from 'shonky' advisors. Nothing could be further from the truth.

    No matter what the client is told, no matter whether they know how much the advisor is being paid, no matter how many laws may be in place, no matter how much information the advisor must give you or how much concern they show, the client i.e. you and me, has the responsibility to decide whether to accept the advice/product on offer. And if we do, we have to accept that investments can and do go down as well as up even for the most scrupulous advisors/investors.

    If they go down you cannot expect recompense from the advisor as suggested by Dougie. There is a danger here for people to start holding all advisors responsible for the performance of their investments and that is quite clearly absurd. May I suggest the sock under the mattress for the risk averse. It is the only way to ensure total responsibility for its safety remains with the owner of said funds.

    After all, no amount of law will protect you 100%. We have laws against many things, but crimes still occur and prisons are full of those who thought they would get away with it. I would hazard a guess that proving an advisor acted against the client interest will be very difficult. Assuming you still have any funds left, it will be taken by the lawyers trying to get your case up.
    Rob
    20th Nov 2014
    3:17pm
    Agree KSS - you give no-one access to your money and you must always use a common sense judgement about any recommendation that an adviser provides. I do not let any advisers control my money. It's not their money that they are advising on so they don't have the same passion or apply the same degree of accountability that they would on their own money.
    MICK
    20th Nov 2014
    11:49pm
    Always BUYER BEWARE. But now consumers have a leg to stand on. There is a difference!
    taylah
    20th Nov 2014
    2:15pm
    I do not know if or not re shonky financial advisers, but certainly know about shonky so called managers in the industry superannuation funds supposedly run for we workers. We have had millions of dollars of our compulsory super stolen while at the accumulation stage and later while in the pension stage. Just read the Royal Commission statements etc. The Industry funds seem to be run for union bosses and their friends, leaving us workers with a lot less to live on. Please dont forget theses sharks when you talk about crooks.
    Adrianus
    20th Nov 2014
    3:27pm
    taylah, you are right, they are the real sharks.
    The Unions control $350b, one third of people's retirement savings. And yet they are not accountable!!! They are not transparent!!!
    They do not have to disclose their fees!!
    They have the authority to charge for advice whether they give the advice or not. They have no opt in arrangement every 2 years as the ALP have made for others.
    You've all seen the ALP / Union style democracy when Shorten was elected leader. Well Industry Super Funds are run the same way.
    How about telling us about board member remuneration????
    How about letting Fund members into AGM's???
    One day people will feel pretty dam stupid when they realise that this is all about making other retail funds less competitive than Industry and PS Funds.
    KSS
    20th Nov 2014
    3:28pm
    Lucky you to have had "millions" to lose. I can only dream...lol
    KSS
    20th Nov 2014
    3:34pm
    Frank you can get much of that information from the annual reports. I have an industry fund and get told how much my fees are and for what. Board Member remuneration is in the financial report. As a member I can go to the AGM. Not sure why other industry funds wouldn't be the same.

    I do know that retail funds are now very competitive with industry funds and rumour has it that industry funds are having to fight to keep existing custom and even harder for new.

    Can't say I know much about the union situation not being a member and all.
    Adrianus
    20th Nov 2014
    3:58pm
    I have followed Union/Industry Funds since the first of them were entered into the various Awards as ratified by the Arbitration Commission during the 70's and 80's. Industry Funds are spending a lot of money lately on advertising. Because the Unions own the ALP they have done their dirty work on this occasion and put a few small business operators in deep sh...
    The name of the game is destroy your competitor!!
    MICK
    20th Nov 2014
    11:50pm
    Here is the Liberal Party troll in action again. I think that everybody knows who your employer is Frank. And nobody appears to be buying.
    Adrianus
    20th Nov 2014
    3:11pm
    Lambie and Muir pawed over the legislation and asked for 3 changes only, one of which was a register for Planners. They said if you make these 3 changes then we will sign off on it. You have our vote! During the course of the next 2 days Lambie has a dummy spit at Clive and refuses to play ball on any proposed changes by the government on anything.
    Lambie now has a reputation as someone who cannot be trusted.
    Rob
    20th Nov 2014
    3:22pm
    Probably a bit harsh Frank to judge her that way at moment. I agree the signs aren't good regarding her integrity but I think we should wait and see if she is just a populist fool or looks at issues from a sensible policy approach.
    Adrianus
    20th Nov 2014
    3:32pm
    Rob, her motivation in changing her mind had nothing to do with the FoFA legislation. She was motivated by a deep anger of Clive Palmer. Do you want people that volatile making our laws? I thought we had seen the end of all this nonsense when we sacked the last Government. I cannot see Lambie staying on.
    KSS
    20th Nov 2014
    3:44pm
    "I think we should wait and see if she is just a populist fool or looks at issues from a sensible policy approach." Like asking Australia to turn their back on any politician at a Remembrance Day Service honouring the fallen?

    Something about there being a time and a place comes to mind. No wonder she was not supported.
    Rob
    20th Nov 2014
    3:48pm
    ok agree her track history and background don't support her being a balanced person.
    Paddles
    20th Nov 2014
    10:12pm
    Frank

    I am no constitutional scholar but I think that only extreme and unlikely events could cut short the incumbency of a Senator (in this case Jacquie Lambie).

    As unpalatable as it seems at the moment, I fear that we are stuck with her until 2020.

    BTW.....When I wrote the date above, the irony of its implications in the world of optics, made me smile at the irony.
    MICK
    20th Nov 2014
    11:52pm
    Posters: if any of you do not already know you should understand that Frank is not a sole poster and does his stuff as a (paid) political poster. At least Solomon owned up and admitted it Frank. Your turn.
    Adrianus
    21st Nov 2014
    8:38am
    mick, do you have anything intelligent to add to this topic?
    Adrianus
    21st Nov 2014
    8:38am
    Paddles, nice play!! HE HE HE
    MICK
    21st Nov 2014
    11:46am
    I intend to keep reminding genuine posters so that they are aware of what you are here to achieve.....and it ain't an opinion.
    gilstamp
    20th Nov 2014
    4:21pm
    We do need loose cannons in parliament to frustrate the actions of one-sided groups supporting vested interests
    Adrianus
    20th Nov 2014
    4:53pm
    "Senator Dastyari said of the move that it was a “coalition of common sense”. "We've put together a group of senators who've said 'Enough's enough, there have been too many victims of financial crime and the last thing we should be doing is watering down protections for consumers,” he said.
    I wish I could say forgive them lord for they know not what they do! But they know exactly what they are doing!! They are doing the bidding of their Union bosses.
    Let's not forget that the Storm Financial rotten business happened on Labor's watch.
    They reduced funding to ASIC and turned it into another 3 wise monkey Public Service Department. ASIC complained that they did not have the resources to do any follow up with Storm and CBA and others.
    What does it say about a government that reduces funding for the 'COP ON THE BEAT' and increases funding for the political diatribe of the ABC???!!!
    All the safeguards remained. All the consumer protection remained.
    I did like Lambie's idea of having a Register of Financial Planners so that people could make a more informed choice. That will not be there now.
    Decent honest hard working Financial Planners have been hit hard at a time when baby boomers retiring with their savings in Industry Super Funds and are in need of their expertise. During the last 6 years labor has just about closed down a much needed industry.
    MICK
    20th Nov 2014
    11:54pm
    You use of the word "honest" amuses me Frank. Its like Dracula asking to be trusted in the blood bank.
    You have no place posting on this website.
    BobK
    21st Nov 2014
    3:32pm
    Mick,
    with all due respect, Frank - and anybody else - must be as free to post on this web site as you are. Whether you like their contributions, or not.
    Seagull
    20th Nov 2014
    8:26pm
    Hands up those who think this will stop the crooks, wide eyed boys, spivs urges . Before investing any money , understand the risk. That is the higher the interest , the higher the risk. IF you don't understand the in vestment don't invest, this means you have to do your homework.The Romans had a saying Caveat Emptor , (buyer beware)
    MICK
    20th Nov 2014
    11:57pm
    Getting caught and punished are always great moderators Seagull. Its not a perfect world but the option is to do nothing and have the same thing play out again and again...as it did recently with the CBA. You should also understand that the problem was endemic to the industry and that all of the big banks are now paying back customers before the regulator comes knocking and they get bad press.
    It has worked. But yes it will happen again...but infrequently and with consequences.
    blondie
    21st Nov 2014
    1:54am
    I say no go Trust Funds where finzcial crooks I.e Prime trust can sell Retirement companies to Lend Lease make 43million in personal fees without consulting share holders. Court proceedings will take yrs while the big boys hide behind their children's million dollar trust funds.Abolish these non taxable accounts.give these b***D's no where to hiide.What princibles are their grown up children's going to have owning dadies multic million dollar homes..I lost money Gov garantee return on the reyirement villages some poor folks took their own lives
    Adrianus
    21st Nov 2014
    4:17pm
    blondie, I am sorry to hear of your bad experience. What makes it worse is that people sacrifice their time and effort knowing that at some stage they will not be able to work and will need to rely on wealth accumulated over the years for essential living expenses.
    These crooks destroy dreams and need to be dealt with. I was pleased to see this government restore funding levels to ASIC.

    There are some good Financial Planners, however with the mountain of paperwork and regulations etc, which only serve to push up the cost to the consumer, Planners will only service the wealthy in future.
    This leaves the rest of us to deal with Investment Advisors who are the product floggers working for large financial institutions.
    I would like to see a National Register of 'Fee for Service Financial Planners' with a list of recorded complaints received by ASIC made available to investors on request.
    I would also like to see Financial Planners make available all contracts with financial Institutions to their clients.
    We have one side of politics trying to make life difficult for Planners and the other side not wanting to do much other than reduce red tape and increase funding for the Cop on The Beat. Unfortunately the Unions are winning this battle and the political battle. Meanwhile the consumer is getting a raw deal.
    Not Senile Yet!
    22nd Nov 2014
    2:15pm
    You are all forgetting the fundamentals of any administrative system....be it government regulation or not......that is.....that the Corrupt ingredient is the Human beings running it!!!!
    Never heard of good cop bad cop...good lawyer bad lawyer...good etc...bad etc..
    People are the corruption involved in making money.....the more you make/get the more you want to get......ultimately it is greed that makes people change their value systems!!!!
    The look at the type of Leadership example we have in our very own Government.....are not the Party Machines/People corrupting the system when they give themselves pay rises well above inflation then in turn denying the Ambos, Firees, Sevicemen/women less than the inflation rate??????
    Shit Flows DOWNHILL...not UPHILL....vote all the Party member PUPPETS out of OUR PARLIAMENT......they are corrupting our system when they say one thing and then do another!!!!


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