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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
Australia’s peak seniors advocacy organisation, COTA Australia, joins today with other consumer interest groups such as Choice to warn a Senate Inquiry about the detrimental impact of the proposed amendments to Future of Financial Advice (FOFA) legislation on tens of thousands of older Australians.
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.
Retirees today welcomed the announcement from Senator Mathias Cormann that he will postpone making changes to the regulations around financial advice, giving hope that he will reconsider the planned removal of consumer protections.
The Federal Government’s proposed reversal of recent Future of Financial Advice reforms is likely to weaken protections for older people and other Australians relying on sound, independent advice from financial advisors, according to COTA Australia.
The release by The Greens of a comprehensive policy for older Australians puts the two major parties on notice to tell us how they will support seniors if they are elected this weekend.
Fall in Interest Rates Highlights Urgent Need for Ban on All Commissions on Financial Advice
Older People Still Vulnerable to Tainted Financial Advice
Older Australians bank on a fair go with new Code of Practice
Restrictions on door-to-door salesman a positive step forward
COTA Australia comments on the National Energy Savings Initiative (NESI) Issues Paper.
(February 2012)
Department of Climate Change and Energy Efficiency