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Media alert - consumer and seniors groups call for senate to save FoFA

10.10 AM, 15 JULY 2014, PARLIAMENT HOUSE, CANBERRA

15 July 2014

A coalition of consumer and seniors’ groups will call for the Senate to save vital consumer protections.
National Seniors Chief Executive Michael O’Neill, COTA Australia Chief Executive Ian Yates and CHOICE CEO Alan Kirkland will call on the Senate to repeal regulations which have watered down the Future of Financial Advice, or FoFA, reforms.
 
Michael, Ian and Alan will be speaking in the Senate Courtyard in Parliament House after meeting with cross-bench Senators about how the Government’s regulation entrenches conflicts of interest and undermines trust in the financial advice industry, making it harder for Australians to secure a comfortable retirement.

WHAT:      Consumer and seniors’ groups call for Senate to Save FoFA 
WHEN:      Tuesday 15 July – 10.10 am                
WHERE:    Senate Courtyard, Parliament House, Canberra
 
Media contacts:
CHOICE: Kate Browne – 0430 172 669 - @choice_news
National Seniors: Sarah Saunders – 0409 055 156 - @NationalSeniors
COTA: Ian Yates – 0418 835 439 - @COTAAustralia
 
With 200,000 individual fee-paying members, National Seniors is Australia’s largest organisation for the over-50s.
 
COTA Australia is the peak consumer organisation for older Australians.
 
 
FoFA Background 
The Future of Financial Advice reforms were introduced in 2012 following extensive consultation with industry, government and consumer groups.
 
On Monday 30 June 2014, Finance Minister Mathias Cormann announced that changes to financial advice protections will be implemented through regulation from 1 July 2014 where legally possible.
 
The Corporations Amendment (Streamlining Future of Financial Advice) Regulation 2014 will be debated in the Senate this week. The Senate is able to repeal this regulation and a vote expected as early as Tuesday afternoon (15 July).
 
Further information is available at www.choice.com.au/consumer-advocacy/campaigns/financial-advice
 
https://nationalseniors.com.au/about-us/press-%26-media/seniors-call-senate-disallow-tabled-financial-regulations
 
http://www.cota.org.au/lib/pdf/COTA_Australia/publications/media_releases/cota_mr_fofa_senate_140714.pdf

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