FOFA

The financial planning community has come out strongly against FoFA and the Association of Financial Advisers believes the reforms will leave consumers hung out to dry. However when Minister Shorten believes most financial planners would accept most of the changes and that issues will be worked out.

The government argues that its reforms are needed to regulate an industry that has been damaged by a few greedy cowboys and collapses such as Westpoint and Opes Prime. On the other hand, the financial planning industry says the reforms will increase costs and red tape, drive clients away and make it harder to do business.