Australia desperately needed Future of Financial Advice (FoFA) laws, which provided safeguards for all, according to Palmer United Party federal leader and Member for Fairfax, Clive Palmer.
“The Palmer United Party will only support FoFA laws that are unambiguous, transparent and universally fair,’’ Mr Palmer said.
“We cannot have a FoFA framework that puts ordinary Australian investors of industry superannuation funds at risk, where their retirement plans could be potentially ruined by unscrupulous financial planners putting their own interests first,’’ Mr Palmer said.
“The current financial advice laws brought in by Labor have failed to protect industry super funds and are biased towards union-managed funds, which needs to be corrected.
“All Australians who have superannuation, whether in industry or other superannuation funds, should have the same levels of consumer protection.
“I call on both parties to reach a consensus on this matter to ensure all Australian’s super funds are equally protected,’’ he said.
Mr Palmer said the board members, management and advisers of all superannuation funds needed to be held accountable in relation to the advice they gave clients.
“We must have a system where the best interests of all clients are taken into account,’’ Mr Palmer said.