Bert Van Manen (Forde, Liberal Party) Share this | Hansard source

Things that add to the complexity are matters such as opt-in, providing a clear definition of what a funds manager is and ensuring that the fees are not caught up in the ban on volume based shelf space, allowing scalable advice, instilling a robust best interest duty recommendation and enhanced improved consumer protections. If you looked at the know-your-client rule, applied that properly across the financial planning industry and actually enforced it, we would not need much of this onerous new regulation.

We acknowledge that it is important to have a sound and robust financial planning industry that is transparent in what advisers charge their clients. They are managing the wealth or future wealth of Australian citizens. Particularly with respect to superannuation, the amount of wealth invested is going to continue to grow significantly over the years to come. Adding complexity, regulation and cost to the system is not going to achieve those outcomes. Far better outcomes could be achieved through improving training—

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