Over the last couple of months the government has slowly been releasing recommendations from a parliamentary inquiry into the financial services industry, conducted in late 2009.
The recommendations have not been popular amongst my colleagues in the financial planning industry, as most of them will have to change the way in which they operate and conduct their business’s.
The following article that I found in toady’s age sums up the planned reforms very well;
Our belief is that these reforms can not come quick enough!
These reforms will assist in transforming our industry into a profession and provide actual advice to consumers as opposed to just the selling of financial products.
The proposed reforms will bring our industry into line with how we have been operating since inception. We are passionate about advice being unbiased and independent, and believe this can only be achieved by removing all conflicts of interest.
I wish you all a great weekend.
Rick Horvat