- Bill Shorten MP, Assistant Treasurer & Minister for Financial Services and Superannuation
Opt-in should be scrapped. The other FOFA proposals will achieve the outcome intended by this reform, without adding a further level of administration.
We, the undersigned, call on the Minister, Bill Shorten MP to scrap the opt-in element of the FOFA reforms.
The 1 July 2012 commission ban will ensure that advice costs are no longer embedded in the cost of investment products. Clients will sign an agreement that expressly stipulates their advice fee, and what is provided for that fee. Ongoing advice fees will remain visible to the client, allowing them to judge value and opt-out at any time.
Minister, please allow the commission ban and fiduciary duty to achieve the FOFA objectives and leave aside the unnecessary additional layer of administration and cost that opt-in would create.
The Stop Opt-in petition to Bill Shorten MP, Assistant Treasurer & Minister for Financial Services and Superannuation was written by Rob and is in the category Law Reform at GoPetition.