Industry SuperFunds applauds Senate win for consumers
INDUSTRY Super Australia (ISA) has applauded the Senate for supporting strong consumer protections for Australians seeking financial advice.
ISA recognises the support for consumers by cross-bencher Senators Lambie, Madigan, Muir and Xenophon, the Australian Greens and Labor Party.
"Australians want and deserve financial advice that is unequivocally in their best interests and free of sales incentives," ISA CEO David Whiteley said.
"The Australian Senate has now rejected financial advice regulations that removed key consumer protections in financial advice laws and undermined confidence in the financial advice industry.
"This is now an opportunity for the financial services industry to build consensus around the regulation of financial advice to safeguard the $1.6 trillion Australians have in our superannuation system.
"This is an opportunity to repair and rebuild the professional standing of financial planners. It is an opportunity to create certainty for the financial services industry, and consumers.
"Industry SuperFunds have been strong supporters of the removal of all sales incentives from financial advice, ensuring that their five million members can receive impartial financial advice irrespective of whether provided by a bank or industry super fund."