Local, Independant and Effective

Financial Planners face higher cost of business and red tape

Posted December 02, 2016


Ms McGOWAN (Indi) (13:51): Colleagues, it gives me great pleasure to welcome into the House today five members of the Albury Wodonga chapter of the Financial Planning Association. Wayne, Megan, Neil, Ron and Taki, thanks for coming and joining us. I also acknowledge the work of David, who could not be here today.

As many of you would know, certified financial planners provide great services in our community and, particularly in times of crisis in our lives, they come to our rescue. They provide advice, they act as counsellors, they give us access to networks and they help manage crisis times for many of us when we need that extra bit of help, particularly with our money. Over lunch today, we talked about some of the issues that financial planners are looking at. They are talking particularly about the higher costs of doing business in rural and regional Australia, managing the increasing amount of red tape and compliance that they have to deal with, and unique issues facing farmers as they go about estate planning for older people trying to get their aged care organised. We talked particularly about problems we have liaising with Centrelink as the rules around pensions next year are changing and asking Centrelink if it would reinstate their quarterly newsletter to people explaining what the rules are.

Colleagues, later on this afternoon we are going to debate and, hopefully, pass the Corporations Amendment (Professional Standards of Financial Advisers) Bill. In doing so, I would like to acknowledge all the financial planners around Australia, acknowledge their professionalism and say thank you. 

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