Australia’s fastest growing accounting firm Chan & Naylor has welcomed the Government’s decision to pause for now the Future of Financial Advice (FoFA) reform process.
“Whilst a complex beast, any proposed simplification of the legislation would have harmed competition and choice for those that the legislation was originally intended to help: Australian consumers,” said David Hasib, a Partner at Chan & Naylor Wealth Planning.
Mr. Hasib says that further industry consultation proposed by Finance Minister, Senator Mathias Corman must focus on ensuring transparency, responsibility and the delivery of a new customer-centric environment in the financial services sector to promote best practice at all times.
“Greater transparency and vertical integration make good commercial sense. Other sectors such as retail where the significant players such as Coles and Woolworths with their fuel cards are required to disclose their commercial interests beyond the supermarket,” said Mr. Hasib, who believes that a truly open market without undisclosed commercial arrangements is in the best interests of all parties and will help resolve the divisive issue of conflicted remuneration whilst drawing advisers out of the firing line.