Along with aged-care providers, the pharmaceutical industry and caravan manufacturers, financial advice is a growth sector. Good financial advisers will not only survive, they will thrive. Which is why it is so important for the FoFA reforms to get through Parliament. Recently we have seen the formation of the Australian Financial Integrity Network (AusFIN) – a new lobby group that includes Industry Super Network, trade unions and other consumer groups. AusFIN intends to improve the functioning of Australia’s financial system through promotion, education and advocacy.
Its work and that of others in the not-forprofit superannuation industry will hopefully embolden the government to resist any demands to soften the FoFA reforms. This year is also shaping up to be a critical year for another major reform: that being the Government’s proposal to lift the Superannuation Guarantee (SG) to 12 per cent by 2019-20. As Minister Bill Shorten keeps reminding all of us in the financial services industry, 12 per cent super is no guarantee, particularly given the precarious nature of the hung parliament. It, too, is no ‘walk in the park’ but at least on this issue the industry is walking in the same direction; almost the entire industry recognises the importance of this reform. It’s a pity the same cannot be said for the equally important issue of financial advice reform.
