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Morrison Government turns financial advice reform into farce



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STEPHEN JONES MP SHADOW ASSISTANT TREASURER SHADOW MINISTER FOR FINANCIAL SERVICES MEMBER FOR WHITLAM

MORRISON GOVERNMENT TURNS FINANCIAL ADVICE REFORM INTO FARCE

The Morrison Government is pushing back key deadlines for important reforms to the financial advice sector.

In a late-Friday press release, Senator Jane Hume announced that the Government will push out the deadline by two more years to allow financial advisers to meet professional standards.

This change means two more years in which financial advisers can practice without appropriate qualifications.

Just months after Commissioner Hayne slammed the financial advice sector in the Royal Commission, calling out a lack of professional standards as a major concern, the Government are being negligent and dragging their feet on urgent reform.

The announcement comes after the numerous failures of the Government’s own Financial Adviser Standards and Ethics Authority, which has gone through three CEOs since January 2018.

The Authority has consistently failed to consult effectively, has failed to issue key standards in reasonable time, and has created significant uncertainty for the advice sector.

Financial advisers and consumers alike have every right to be outraged with the Morrison Government’s continued failure to implement sensible reforms in the financial sector.

FRIDAY 30 AUGUST 2019

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