FoFa opt-in clause will preserve Australians' wealth

21 March 2012

Associate Professor Joanna Bird (BA 1987, LLB 1989) says millions of Australians could continue to pay for financial advice they don't receive if a key sector reform is rejected.

Associate Professor Bird asserts that failure to retain the opt-in requirements of the federal government's current reforms for the financial advisory sector (the Future of Financial Advice bills, or FoFA) will see a high proportion of Australians paying for little or no advice on an ongoing basis and erode their wealth.

"The opt-in preserves the right of consumers to enter into an ongoing advice relationship if they want to but protects a large group of Australians - including many super fund investors - who either unknowingly enter into, or forget they entered into, an ongoing advisory relationship," says Associate Professor Joanna Bird.

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Contact: Greg Sherington

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