Consumers slam Sinodinos’s dismantling of financial advice reforms

“Consumers have launched a joint campaign opposing Senator Arthur Sinodinos’s dismantling of the Future of Financial Advice reforms (FOFA) in an effort to protect honest and transparent financial advice”, said Senior Policy Advisor Charmaine Crowe.

“CPSA calls on consumers to join the Save Our FOFA campaign to tell Senator Sinodinos that FOFA should remain unchanged so that Australians are protected from unscrupulous financial advisers.”

Groups that have signed up include the Storm Investors Consumer Action Group, Consumer Action Law Centre (VIC), and the Consumer Credit Legal Centre (NSW). The campaign is being led by consumer advocate Christopher Zinn.

“Under FOFA, advisers have a legal obligation to act in their clients’ best interests. Senator Sinodinos’s amendments will reduce the best interests duty to a tick-the-box exercise and allow advisers to once again receive kickbacks and commissions for the provision of general advice.”

“These amendments are anti-consumer and will likely result in consumers turning their back on getting the financial advice they need.”

“FOFA must be saved to protect ordinary Mum and Dad investors as well as retirees’ nest eggs”, said Ms Crowe.

Consumers can sign up to the Save Our FOFA campaign at:

Follow Save Our FOFA on twitter:

Join the facebook group:

Contact: Charmaine Crowe

Mobile: 0422 707 332

Christopher Zinn

Mobile: 0425 296 442