Government reduces consumer protection for financial services

[***super_nova***]

The Federal Government have decided to change Labor's changes that protect consumers of financial services. Financial advisors no longer have to "act in the interests of their client at all times". I would have thought that was absolutely what they should do, and so did Labor, but the Assistant Treasurer, Arthur Sinodinos said that costs the financial sector too much, so they've removed that requirement. Every day they do something else that's worse than the day before.

[cherry*135]

That is absolutely shocking.

That means a financial advisor can recommend/push a financial product onto their client, with the reason for that being that product will pay the biggest commssion to the financial advisor compared to other products.

These laws were tightened up for very good reasons, to undo them doesn't make any sense at all.

A lot of financial products that pay advisors big commission are ones with HIGH risk. Who loses out when these type of investments fail.. Mr Joe Citizen who has invested his retirement savings in them. Mr Citizen who was told by his financial adviser it was a good product to invest in.

[**meep**]

What are the details of the proposed changes?

[the_hawk*]

Rewarding his dodgy mates for funding his party.

To party seeking and paying for the service should be the important party and be protected, after all they are the uneducated and at risk party 

[izabsmiling]

donations to the RBA 

changes to MP's conflicts of interests in regards to shareholdings 

now this

I don't fully understand everything ....I understand enough to know  that this looks very suss

[izabsmiling]

NAB underlines global competitiveness as growth slows

• MITCHELL NEEMS
• BUSINESS SPECTATOR
• DECEMBER 19, 2013

NAB chief executive officer Cameron Clyne said there were "tentative signs" of an improving economic environment.

"Business confidence is better than it has been in three years which we believe will point to increased activity in 2014," he said.

"We've used a subdued environment to make some critically important changes to our operating model, and we are now really well placed, as the environment picks up, to act on those opportunities."

Mr Clyne also praised the performance of the Bank of New Zealand and Great Western Bank, while also expressing optimism over the lender's troublesome United Kingdom operations.

"We made further progress against our UK restructuring agenda, which, combined with stabilisation in the UK economy, has supported an improved performance from our UK businesses," he said.

http://www.theaustralian.com.au/business/financial-services/nab-underlines-global-competitiveness-as...

[izabsmiling]

were part of these changes taking the opportunity to take more from consumers ?

[topsidesoul]

Waiting for LNP luvvies to spin this...... or point out how great it is to not be protected.

[freakiness]

They've canned the new technology curriculum due in 2014 as well.

http://www.theregister.co.uk/2013/12/20/australian_technologies_curriculum_to_be_published_but_not_e...

This state of affairs means years of effort to develop a Digital Technologies curriculum aimed at meeting industry's oft-stated need for a more-skilled workforce has been put on the back burner, possible for more than a year. As we've pointed out in the past, even if the Digital Technologies curriculum is adopted as rapidly as is possible it will be 2030 before the first school-leavers with an education permeated by computational thinking arrive in the workforce or tertiary education.

[boots551]

had my fingers burnt before and i am not going back for a 2nd go......................... theyt ake thier money and run and charge you the earth to do bloody nothing for you.................. thats just my opinion