Financial Businesses in Mitchell have their say

Friday, 18 May 2012

Federal Member for Mitchell, Alex Hawke MP, with special guest, the Shadow Assistant Treasurer and Shadow Minister for Financial Services and Superannuation, Senator Mathias Cormann met with 35 local financial business stakeholders to discuss current and future legislation, including the Future of Financial Advice (FOFA) legislation.

“This meeting was an excellent opportunity for the key financial services business men and women to express their views and concerns directly with the Shadow Assistant Treasurer”, Alex Hawke said.

“The Gillard government has failed to consult and embrace the sector which they are seeking to regulate”.

“The government has been rather active in this area, and not for the better. Their vested interest agenda has targeted small business financial advisors,” Mathias Cormann said.

“The Coalition does not support this anti small business approach, which is an unnecessary increase of the amount of red tape that affects firstly businesses and ultimately consumers.

Senator Cormann also spoke about the Opt in measures in the FOFA legislation and said “The Coalition would remove Opt In; no ifs, no buts, gone”.

“We ought to be taking measures to enhance financial literacy and education, which should be a focus of parliament, not overregulating and overburdening this sector with unnecessarily complex proposals and regulations,” concluded Alex Hawke.