Fed: Cheaper financial advice will be a reality: Bowen

AAP General News (Australia)
04-26-2010
Fed: Cheaper financial advice will be a reality: Bowen

More Australians will have access to low-cost .. simple financial advice under a series
of major reforms to the sector .. announced by the federal government today.

Financial Services Minister CHRIS BOWEN has released Labor's response to the findings
of a parliamentary inquiry into Australian financial products and services.

The inquiry was set up following the collapse of firms Storm Financial and Opes Prime.

Mr BOWEN says the reforms are designed to tackle conflicts of interest that threatened
the quality of advice and the mis-selling of products.

Under the changes financial planners will no longer be able to receive commissions
.. they'll be legally required to act in the best interest of clients .. and affordable
financial advice services will be expanded.

Mr BOWEN says with an ageing population accessing sound advice is an important part
of planning for the future.

Most of the changes will apply from July 2012.

Eds: Changes keyword from Storm.

AAP RTV bsb/rl/sw

KEYWORD: SERVICES (CANBERRA)

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