Financial advisers say education, not FOFA, pushing up cost of advice
The Coalition’s controversial financial adviser education reforms are more to blame for escalating fees than Labor’s Future of Financial Advice laws, say practitioners, breaking ranks with the $3 trillion industry’s peak body.
The Financial Services Council on Monday unveiled a plan to reduce the costs of financial advice by scrapping lengthy “statements of advice” and removing the “safe harbour steps” by which advisers can demonstrate they have complied with their fiduciary duty – a key tenet of the Rudd-Gillard government’s landmark 2012 reforms of the troubled sector.
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