Synchron has applauded the changes in ministerial responsibility announced yesterday in Canberra and in particular is delighted that the Small Business and Assistant Treasurer (and therefore Financial Services) ministries have been brought into one under the Hon. Kelly O’Dwyer, MP.
“One of the biggest challenges facing our industry under the Life Insurance Framework reforms was helping the Government understand the potentially devastating effect the reforms would have on the small businesses of financial advisers,” Mr Trapnell said. “We are pleased that as she will have responsibility for both the Assistant Treasurer and Small Business portfolios, Ms O’Dwyer will have a big picture perspective of the advice profession and the impact, both macro and micro, that those reforms can and will have on advice practices.”
Mr Trapnell said the vast majority of financial advice businesses in Australia are, by definition, small businesses and together, small businesses are the biggest employers in the country. “Synchron is one of Australia’s leading, non-institutionally owned licensees and our authorized representatives are the very definition of small business,” he said.
Ms O’Dwyer is Synchron Independent Chair Michael Harrison’s local member and Mr Harrison has already reached out to her. “We believe Ms O’Dwyer is across the LIF reforms and we will be making representations to her at the earliest opportunity,” Mr Trapnell said.