The Association of Financial Advisers (AFA) has issued a statement following the Future of Financial Advice (FoFA) disallowance motion announced in the Senate today:
We are disappointed at the actions that have taken place today.
We have particular concern over the blocking of amendments that resolve the issue of grandfathering. This will need to be reconsidered as this problem from the initial FoFA legislation has removed competition from the financial advice market to the detriment and concern of financial advice clients and their advisers. Both the Government and Opposition have previously acknowledged that the grandfathering problem needs to be fixed and we will be diligent in ensuring a resolution is found.
In aggregate, those who will suffer most from this disallowance are the small-business financial advice practices and their clients. Ironically, this is where the majority of personal financial advice is provided in Australia. It is disappointing to see small business caught in the crossfire again.
