News National Consumer fears over financial advice changes

Consumer fears over financial advice changes

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Australians may be angry at the budget but just in case the Abbott government forgot, they’re also unhappy about changes to financial advice laws.

That point will be stressed at a parliamentary inquiry into the government’s proposed wind-back of Future of Financial Advice laws on Thursday in Canberra.

Consumer advocate Choice will call on the government to abandon plans to allow financial advisers to receive commissions, warning it could entrench conflicts of interest in the industry.

Choice boss Alan Kirkland will also tell the hearing changes to protections will make it harder for Australians to secure a comfortable retirement.

There will also be input from advisers, seniors and the Financial Planning Association of Australia, which has previously warned the changes could open the door to mis-selling and inappropriate advice.