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]

. 

This is a main concern.: Financial advisors no longer have to "act in the interests of their client at all times"

[***super_nova***]

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@am*3 wrote:

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This is a main concern.: Financial advisors no longer have to "act in the interests of their client at all times"

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Wonder what next; solicitors, doctors any other proffessionals may not have to "act in the interests of their client at all times"????

[monman12]

"This is a main concern.: Financial advisors no longer have to "act in the interests of their client at all times" 

I agree A3.

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

I would expect that any LNP "luvvie" would also agree that it is of concern, however I would also expect  the ALP "luvvies" more in need of basic  financial direction than those of the LNP !

[nero_bolt]

You have failed to provide proof of your statements and accusation or links to the said story so please do so  at this stage its just a false accusation 

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@***super_nova*** wrote:

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.

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[topsidesoul]

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@nero_wulf wrote:

You have failed to provide proof of your statements and accusation or links to the said story so please do so  at this stage its just a false accusation 

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@***super_nova*** wrote:

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.

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Atleast include a link when you cut and paste from a news site with a pay wall.

[topsidesoul]

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@monman12 wrote:

"This is a main concern.: Financial advisors no longer have to "act in the interests of their client at all times" 

I agree A3.

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

I would expect that any LNP "luvvie" would also agree that it is of concern, however I would also expect  the ALP "luvvies" more in need of basic  financial direction than those of the LNP !

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yes because we all dummies with our money stashed in our matresses derrrrrrrrr....

[freakiness]

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@monman12 wrote:

"This is a main concern.: Financial advisors no longer have to "act in the interests of their client at all times" 

I agree A3.

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

I would expect that any LNP "luvvie" would also agree that it is of concern, however I would also expect  the ALP "luvvies" more in need of basic  financial direction than those of the LNP !

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Just a bit of classic stereo typing there or is there a reason you assume?

[topsidesoul]

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@nero_wulf wrote:

You have failed to provide proof of your statements and accusation or links to the said story so please do so  at this stage its just a false accusation 

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@***super_nova*** wrote:

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.

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http://www.smh.com.au/business/coalition-waters-down-financial-advice-reforms-20131219-2znxr.html

[topsidesoul]

Aurther Sinodninos is a former financial advisor himself and this is his baby.

Smile Buddy, this is your big day!

[acacia_pycnantha]

With every passing day, things go from bad to worse with this government.

But wait . . . there's sure to be more.