Crossbench support for tougher financial advice reforms welcome

19 November 2014
Maurice Blackburn Lawyers have today welcomed the support of crossbench senators in standing up for tougher future financial advice reforms, saying the move was an important step in ensuring greater protection for Australian consumers.

Maurice Blackburn Principal John Berrill said the announcement today that crossbench senators would now also lend their support to a disallowance motion blocking attempts to water down key financial reforms would be welcomed by consumers across the country.

“The proposed measures before the Senate to water down the Future of Financial Advice (FoFA) laws have always been a backwards step for consumers, and we are relieved Senate crossbenchers have now also seen this and are taking action to stand up in demanding better standards,” Mr Berrill said.

“Recent high profile examples of Australians receiving very poor financial advice with significant and devastating consequences have again reinforced the need more than ever for proper protections in this area to ensure that consumers are protected.

“The Government’s proposed amendments to the FoFA laws completely undermine basic consumer protections and we have long called for a rethink of these changes.

“Crossbench senators are to be applauded for acting now to disallow the proposed amendments: it is a win for consumers and the right thing to do in guaranteeing better financial advice standards going forward.

“The Senate now has an important opportunity to get this right in ensuring adequate protections are in place for all Australian consumers into the future, and we continue to call for proper dialogue and consultation to achieve this,” he said.

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