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The Federal Government’s announcement today that it will require super to be paid on payday, is a long-awaited reform that will make a significant difference to the retirement incomes of older Australians, COTA Australia says.
The Federal Government’s response to the Quality of Advice Review, which was aimed at improving the
accessibility and affordability of quality financial advice, shows a commitment to ensuring consumers – including
older people – are given the best possible financial advice, COTA Australia says.
The closure of bank branches, and potentially Australia Post, in favour of digitisation will leave many areas and the older people who reside there without services.
Forcing people to deal with a lack of access to basic services is not the answer.
We now believe that it is time for a new iteration of the Financial System Inquiry to ensure that the regulatory structure of financial services is fit for purpose in the rapidly evolving circumstances that Australia faces.
COTA Australia has welcomed the Morrison Government’s commitment to implementing the recommendations of the Hayne Royal Commission on misconduct in the banking, superannuation and financial services industry. The Government will address all recommendations requiring legislation by the end of 2020.
Australia’s leading senior’s advocacy organisation, COTA Australia, has welcomed many recommendations of the Hayne Royal Commission on misconduct in the banking, superannuation and financial services industry, but has called for stronger consumer voices to be supported into the future.
COTA Australia, the peak body for older Australians, has welcomed the move today by Opposition and cross-bench senators to work together to disallow the weakening of financial advice regulation.
Many older Australians will be left vulnerable to poor or conflicted financial advice with the wind back of the Future of Financial Advice reforms said COTA Australia, the peak group for older Australians, today.
Older Australians are calling on all Federal Senators to uphold protections for consumers by voting
today to disallow regulations which remove important consumer safeguards from financial advice,
says leading seniors advocate COTA Australia.
COTA Australia still fears for the future of an independent, professional financial advice industry in Australia after the Federal Government indicated it will proceed with most of its legislation to water down consumer protections provided by the Future of Financial Advice (FOFA) legislation passed
Submission to Financial System Inquiry. COTA has had a long history of active interest in the financial system to ensure it meets the
needs of older people.