Low and middle-income Australians have a growing need for quality financial advice. However, current compliance obligations are complex, bureaucratic and unprecedented cost-drivers for financial advisers and consumers. And higher-income Australians that can afford Financial Advice are forced to pay increasingly more due to over-regulation.
The original objective of the Parliamentary Enquiry into the Financial Services industry was to ensure that consumers had access to professional and cost-effective Financial Advice. Unfortunately, this has not happened. The cost of advice now precludes around 80% of eligible consumers. In addition, costly red tape duplications that consumers are ultimately paying – advisers have no choice but to pass the compliance costs back to their clients.
Our industry representative, The Association of Independently Owned Financial Professionals, has lodged a petition to reduce costs and eliminate mass duplication for consumers and the industry in general.
SIGN THE PETITION
If you would like to sign the petition, please add your signature here…
By signing this Petition, you are registering your concern that this issue matters to you and you want compliance to reduce the amount of paperwork required to provide financial advice and stop the ever-increasing costs that you must bear to receive advice.
If you have any questions, please email or call Adam Passwell, on (02) 4455 5333.
ps. Ask your family and friends to do the same thing and sign our petition, because numbers count, and we need as many people as possible to sign and get our message across to our government.