Media Releases

Labor Throws Advisers and their Clients Under a Bus

May 12, 2020

Labor Throws Advisers and their Clients Under a Bus

The Labor Party is being accused of holding financial advisers and their clients ransom in a game of pointless one upmanship in the Senate. 

Government MP, Jason Falinski, Chair of the House of Representative Tax and Revenue Committee, accused Labor of leaving ordinary Australians and their advisers high and dry while they play games in the Senate delaying the FASEA Extension Bill.

“Many advisers are at home looking after their kids and trying to do business as well as studying. Which is why financial advisers have been given an extension of twelve months to complete their FASEA exam. ” said Jason Falinski.

Only thirty per cent of advisers have completed the exam, and if Labor succeeds in delaying the passing of this Bill in the Senate potentially seventy per cent of advisers will have to cease providing services. 

Jason Falinski MP

“Compare Labor’s treatment of financial advisers to Industry Super and Litigation Funders that they exempted from ASIC oversight and consumer protection laws. 

“How can Labor explain to millions of Australians trying to get desperately needed advice at the moment how they put their adviser out of business just when they needed them the most.  And why?  Because of some arcane payment to LITs that is already under consideration.

“Until now Labor has not made an issue of this matter other than agreeing with some articles written by Chris Joye. And honestly, what is Labor’s problem? They have not complained about Industry Super using biased analysis to encourage people not to withdraw their superannuation savings, they have never had a problem excluding other investment vehicles from supervision like litigation funders. 

“Why pick on financial advisers whose job it is to help people with their finances.  And they are doing this during a financial crisis.  Labor is not making any sense on this, and they are just hurting ordinary Australians trying to get help. 

“Labor’s new found concern about remuneration for the “well known” LIT investment vehicles 

“Let’s be clear, Labor is determined to force financial advisers to close their doors.”


Related Posts:
Media Releases
Honouring our World War Two Veterans
Jul 29, 2020
A special commemorative medallion marking the 75th anniversary of the end of the Second World War on 15 August is now available to every living Second World War veteran in Mackellar to say, ‘thank you for your service’.
Read more
Media Releases
Slater and Gordon… Oops
Jul 27, 2020
In front of today’s Parliamentary inquiry into litigation funder, Slater and Gordon tried to claim that the Treasurer, Josh Frydenberg, had met with the US chamber of commerce (who according to Slater and Gordon are “a foreign lobby group”).
Read more
Media Releases
More Funding to Support Northern Beaches Veterans
Jul 23, 2020
Northern Beaches MP Jason Falinski has provided a grant to the Northern Beaches Veterans Centre which will help to fund their essential support measurers.
Read more