Greens spokesperson for Consumer Affairs and Small Business, Senator Whish-Wilson, says the Liberal Senators Inquiry report on the Future of Financial Advice (FoFA) Bill have sided with the big banks over consumers and seniors.
Senator Whish-Wilson said, “From the very beginning the Liberal Government has been looking to deliver for its donors in the banking sector by unwinding consumer protections in the field of financial advice.
“The elephant in the FOFA room is the potential impact on bank profits from stronger consumer protections around financial services, rather than the stated impost on banks in terms of costs or red tape.
“These FOFA amendments are simply an attempt by the banks and Liberal Party to protect enormous ongoing bank profits.
“The existing FoFA laws were brought into being less than two years ago to protect consumers from some advisers and companies more interested in commissions and ‘writing income’ than in their client’s best interests.
“This Inquiry heard evidence from consumer groups, seniors groups and concerned financial planners about the damage the Liberals FoFA changes would cause.
“This is another example of the Liberals only siding with special interests over the interests of the wider community.
“If the Liberals seek to force their FoFA changes through regulations rather than legislation that can be openly debated the Greens will seek to disallow them in the Senate at the first available opportunity,” Senator Whish-Wilson concluded.
Media Contact: Tim Beshara 0409 164 603
NB: The Greens dissenting report can be found here http://www.aph.gov.au/Parliamentary_Business/Committees/Senate/Economics/FOFA/Report/~/media/Committees/Senate/committee/economics_ctte/FOFA/Report/d02.pdf