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Governments and industry sectors must come together on the Future of Financial Advice (FoFA) reforms, according to the chief executive officer of the Self-Managed Super Fund Professionals’ Association of Australia (SPAA), Andrea Slattery. In an exclusive interview with Professional Planner, Slattery says recent comments made by Shadow Treasurer, Joe Hockey, and Shadow Assistant Treasurer and Shadow Minister for Financial Services and Superannuation, Mathias Cormann, highlights their support for the professionalism of the financial services industry, in particular the superannuation sector.

“One of the things that they did both mention was their interest in small business and the interest in simplicity and the interest in having the consumer as the main objective, and I thought that was very, very positive,” Slattery says.

“I think it’s well and truly time for a bipartisan approach from the Government, and also a bipartisan approach from the industry and superannuation sectors to work positively for a future environment in financial services in advice and superannuation.

“The Liberal Party are actually very comfortable with some of the FoFA decisions that are going to be very favourable for a client outcome.

“Particularly around fiduciary duty, which we’ve been so involved in the SMSF sector. But also very favourable around making sure that we know we’ve got a good savings environment and that it is a positive environment, and that people will know that there won’t be a lot of change in the future.”