FoFA shake-up – Joe Hockey

Editorial director of Switzer
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Shadow Treasurer Joe Hockey is preparing for being a part of a new Abbott government that is all about momentum and one that talks to business, rather than argues with it. Speaking at the Switzer Financial Planning and Sky News Leadership Lunch on Friday, after first saying “you can’t be complacent” about the expected election outcome, Hockey went on to say: “We want to create momentum. From the 8 September onwards, it will be about momentum.”

In good news for some in the financial services sector, he promised to rein back some of the requirements of the Future of Financial Advice (FoFA) reforms. “The reporting requirements in FoFA are outrageous,” Hockey said.

“We are going to wind that back.”

The Abbott Government would conduct a financial services inquiry, which would focus on the savings needs of Australians.

And a pledge to speak with business come September 8, had the 400 attendees cheering. “Canberra has been at war with the business community for the past five years,” Hockey said.

Importantly, when it comes to budgets, there should be no empty promises

“I’m not going to make the mistake that this mob made and say we’ll deliver a surplus in such and such a time … and then fail to do it.”

Also speaking at the lunch was John “Singo” Singleton with his unique perspective on the election outcome. “It doesn’t matter who is treasurer, everyone knows David Murray runs the country!” he said.

And investment guru Mark Carnegie shared his secret admiration for vice president of Berkshire Hathaway and Warren Buffett’s right hand man, Charlie Munger. “If I could put myself in the same [class] as Charlie Munger I would be a very very happy chap,” Carnegie said.

Important: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. Consider the appropriateness of the information in regards to your circumstances.

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