The federal Opposition has pushed for another Senate inquiry to further investigate the financial services sector in the wake of the CBA advice affair.
Labor leader Bill Shorten said in a statement issued yesterday that the Opposition seeks to “establish a fresh Senate inquiry” into how customers of CBA lost their savings.
“I am not convinced that we’ve gotten to the bottom of what happened here. I am not convinced the bank is doing everything it can to support its victims,” said Mr Shorten.
Responding to the Opposition leader’s statement, FSC chief executive John Brogden said the industry is an “open book” and the FSC will “work with any public inquiry”.
“The financial advice industry has been through several inquiries since the GFC, which have resulted in significant legislative changes,” said Mr Brogden.
“We are still in the process of implementing the MySuper, FOFA and TASA regimes which are the result of inquiries into all aspects of financial services practices,” he said.
Mr Brogden said FOFA has delivered reforms that give the “best consumer protections” and said it will “fail” if millions more working Australians do not seek advice.
“We believe the government’s proposed changes to FOFA will make advice more affordable and accessible while maintaining quality and consumer protection,” said Mr Brogden.
Parliament “needs to remember” that consumers will end up “bearing the costs” of any new regulation, he added.
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