Call for trustworthy financial advice
You should be able to trust that a financial adviser will
act in your best interests at all times, no exceptions. Conflicts of interest
have seen consumers lose over $5.7 billion in financial advice scandals.
CHOICE has spent 20 years lobbying for independent financial
advice that consumers can trust. In 2014 we campaigned against proposals to
water down the Future of Financial Advice protections, or FoFA. More than
11,000 Australian consumers signed our petition opposing the government's
changes. We took these concerns to Canberra, shared stories like Lyndi’s and
met with politicians from all parties.
In late November 2014 the Senate voted
to save the consumer protections in the Future of Financial Advice (FoFA)
legislation. This means that CHOICE's hard-fought campaign against the
government's erosion of important consumer protections achieved its goals.
Consumers now have the minimum consumer protections needed
when seeking financial advice. But CHOICE continues to fight for better
education and training standards, improvements to life insurance advice and a
consumer compensation scheme to protect people when something goes wrong. There’s
more to do so sign up and we’ll get in touch with ways to fight for fair
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If you want fair financial advice, sign up to hear about the next CHOICE campaign action.