Jaqui Lambie has come to the rescue of all Australians by pledging to block the wind back of the controversial Future of Financial Advice (FoFA) laws.

Before a crowded press conference Senator Lambie promised to cast her vote with the Greens and cross bench Senators Nick Xenophon, Ricky Muir and John Madigan to oppose the dismissal of the regulations.

Ms Lambie has said she will vote against all government legislation until the government doubles its Defense force pay offer.

Both Ms Lambie and Senator Muir were supporters of the government. However, through a very public break-up with her Palmer United colleagues (supporters of the wind back) Ms Lambie has gone rogue and voted with her conscience rather than support the Palmer United line.

Senator Xenaphon was the prime mover in this regulatory assassination. Even though the wind back was passed earlier this year, he introduced to Senate a motion retrospectively disallowing it.

Consumer groups are elated. The FoFA wind back would have left consumers entirely at the prey of unscrupulous financial advisers.

Image: www.choice.com.au

Image: www.choice.com.au

Alan Kirkland, chief executive of Choice said, “Earlier in the year the Government used regulations to remove critical consumer protection that were originally introduced as part of the Future of Financial Advice or FoFA, reforms. Today, Senators have fought back for consumers.

The July FoFA regulations delivered everything that the big four banks and financial advice industry wanted, and exposed consumers to significant risk.

“We have seen scandal after scandal where financial advisers have taken advantage of their clients from, Storm Financial to Timbercorp to Commonwealth Financial Planning.”

By disallowing the wind back of the Government’s FoFA regulations, says Choice, consumers will have greater protection against financial advisers not acting in their best interests.

About The Author

Someone you can depend on to respect you and care for your dog. Let me help you give your dog the life it deserves.

Leave a Reply

Your email address will not be published.