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Five Years of Broadband Policy Failure from Labor
Paul Fletcher’s Broadband Briefing
Five years after Labor announced its broadband policy, Australia’s broadband penetration ranking has dropped and Labor’s policy has made zero difference to the broadband service received by 99.9 per cent of Australians.
Written on Friday, 18 May 2012 00:00 in Broadband Briefing Read 4 times Read more... -
Principal's Courageous Action Highlights Threat of Cyberbullying
A Queensland Principal's decisive and courageous action - threatening to expel children under 13 with Facebook profiles - highlights the real dangers of unrestricted social media use by children too young to judge the risks involved, said Paul Fletcher MP, Chair of the Coalition's Online Safety Working Group.
Written on Friday, 18 May 2012 00:00 in Media Releases Read 1 times Read more... -
Bradfield Community Meeting Calls on Gillard to Apologise
A Community Meeting held by Paul Fletcher MP, Member for Bradfield has resolved to call on Prime Minister Julia Gillard to apologise for her divisive and inappropriate comments about Sydney’s North Shore.
Written on Friday, 18 May 2012 00:00 in Media Releases Read 1 times Read more... -
Investors defrauded of $176 million in Trio collapse, parliamentary committee finds
Over 6000 Australian superannuation and other investors were defrauded of $176 million in the Trio scandal according to a Parliamentary Committee report just released, Member for Bradfield Paul Fletcher said today.
Mr Fletcher, a member of the Parliament's Corporations and Financial Services Committee, said the Committee began its inquiry last year on his recommendation, after he was approached by constituents who had lost money in the collapse of Trio.
Written on Friday, 18 May 2012 00:00 in Media Releases Read 1 times Read more... -
Schoolkids Bonus Budget Measures
Mr FLETCHER (Bradfield) (10:51): I am pleased to rise to speak on the Family Assistance and Other Legislation Amendment (Schoolkids Bonus Budget Measures) Bill 2012. Let me start by noting that the process under which the House of Representatives is being asked to consider this bill is a deeply deficient one. The first official announcement of this measure was in the Treasurer's budget speech last night. We now have a bill which was introduced this morning that was only available to members of the House to review from 9.30 this morning.
Written on Tuesday, 15 May 2012 00:00 in Parliamentary Speeches Read 30 times Read more...
Paul Fletcher MP - Federal Member for Bradfield - Liberal Party
What are the Coalition’s views on reforms in financial services?
Category: Uncategorised Published Date Written by Paul Fletcher MP Hits: 442
While the Coalition acknowledges the need for high standards in the financial services industry and in the provision of financial advice, we have significant concerns about aspects of Labor’s reform package.
The Coalition is worried that the changes proposed by the Government will force many financial planners out of business. The Government has admitted that “some people will leave the financial planning industry as a result”.
The Coalition does not support any ban on adviser payments which would impede the ability of low-income earners to receive financial advice, and the ability of small businesses to provide that advice.
The Coalition does support an end to trailing commissions with no sunset clause and no ability of the consumer to opt-out of receiving advice. We support measures to end conflicts of interest in the sector by holding financial planners to high professional standards and requiring them to assume a fiduciary duty to their clients.
Many low-income earners find it difficult to pay up-front fees. An absolute ban on commissions will prevent many financial advisers from offering services to low-income earners. In many cases, it is low-income earners who need financial advice the most.
The Government has launched an extraordinary attack on small business in the financial planning industry by suggesting any planner taking commissions is giving ‘poor and conflicted financial advice’.
Despite Labor’s rhetoric, its proposals will not end payments from funds to advisers and there is still potential for conflicts of interest under the proposals. Advisers will still be able to take a yearly fee from the investor’s fund for services rendered. It is the major banks and superannuation funds that can afford to provide advice under this method of payment.
The proposed reforms could reduce competition against financial advice provided by the major banks and superannuation funds, who can afford to pay an income to their advisers without relying on commissions.
The Coalition believes that an individual should be able to choose commissions as a payment option if the fees are properly disclosed and if the investor has the ability to opt-out of receiving advice and paying the commission.