Adviser survey ranks Jones worst amid policy delivery fails
Financial advisers have lost confidence in the Assistant Treasurer and Minister for Financial Services, Stephen Jones with a Financial Newswire survey revealing adviser rate him the worst performing minister out of the last six to hold the portfolio.
At the same time, the survey has revealed that more than 80% of respondents regard the Albanese Labor Government’s performance on financial services policy has been very poor and that it has not lived up to its promises.
The survey also confirms that where advisers wanted the Government to deliver was on the implementation of the Quality of Advice Review (QAR) with respondents listing as being their priority issue.
In fact, the QAR implementation was listed ahead of the Compensation Scheme of Last Resort (CSLR) the Australian Securities and Investments Commission (ASIC) levy and the superannuation performance test.
When it came to the performance of Jones against those of past ministers, respondents gave highest marks to former Liberal minister, Mathias Cormann, followed by Liberal Senator Sinodinos.
However, disturbingly for Jones, he was rated last behind Stuart Robert, Jane Hume and Kelly O’Dwyer.
Asked to explain the reasons for their responses advisers appeared to reflect the fact that they had initially hoped that Jones would act to address what he once described as the “hot mess” he had found in the financial planning sector.
“The Government promised to address costs of advice driven by red tape and has so far only increased red tape,” one respondent said.
Another said: “The Government came into power based on their promise of reducing the cost of financial advice by addressing the current convoluted compliance regime, so they should do what they say making financial advice more efficient”.
In fact, nearly half of all respondents cited the Government’s failure to address the red tape burden in the time it has been in office, despite its early promises.
Jones quite simply is a Massive Liar who has NOT fixed the Hot Mess of mass BS Red Tape, only increase it.
Jones is REGULATORY CAPTURE CORRUPTED to do anything for Industry Super to provide Uneducated, Unqualified BackPacker Call Center Sales and call them Qualified Advisers.
Yep the Worst ever.
You forgot to mention the union reps who will be “Qualified Advisers”. Think about that for a few minutes.
It is not just the inaction on QAR, it’s the sneaky increase in red-tape, with superfunds to now become quasi auditors of financial advice, its the 7.3% increase in advice fees paid via super due to the loss of RITC, its the cheeky changes to CSLR implementation which lumps more costs onto advisers and finally the outrageous unqualified ‘qualified advuser’ gift to union super fund donors which is anticompetitive and a massive retrograde move for our profession.
Given the above list of terrible outcomes for advisers and their clients, the survey results are hardly surprising.
Their objective is to bankrupt real financial advisers so that “Qualified Advisers” are the only advisers available to to public.
Again – the persons responsible for putting forward the term “Qualified Adviser” should be in gaol.
A deliberate attempt to deceive millions of superannuants.
Who was it ?
The ALP plan to dictate how pension account holders can spend their OWN money is diabolical. Legislating that pension account holders need the super fund trustees to authorise payments goes 100% against the belief that pension account holders have free access to their money.
This, and Stephen Jones’ “qualified advisers” is a clear indication that he and the ALP only serve industry super funds.
Stephen Jones from day one has shown he is no more than an errand boy for the Industry Funda and the Union movement
December 2023– The term Qualified Adviser was introduced.
January 2024. Red tape + extra ASIC layers + Fees in 2025 by requiring existing advisers not only to be licensed but also authorized, now another term “registered”
February 2024- Mandatory breach reporting obligations commenced. License fees would have to go up.
March- Advice taxes/Levies increase by 147%
March – Advice Fees up. Removal of GST credits on Advice fees from 1 July. Industry Super funds exempt.
March – Treasury working on educational obligations for “Qualified Advisers” indicate likely to be AQF level 5, that’s like a Certificate. versus the Degree
April 2024- CSLR likely $5K per adviser.
June 2024- Trustee’s to review / approve Advice fees in Super.
Financial Scams….. millions being added to the billions.
I think his track record speaks for itself. Every single Adviser Association needs to call this clown out. Every single Adviser Association needs to publicly state that no longer have confidence in ASIC, Treasury and the Government. It’s the least they can do for Australians.
2022 – First act in office – move to reduce transparency and accountability of super fund trustees relating to the spending of member funds.
Stuart Robert set the bar soooooo low, ants trip on it, so for Jones’ effort to be marked lower by 80% of advisers surely must have the government reeling and considering a junior minister portfolio reshuffle ahead of the next election!
There is talk that Bill Shorten will be parachuted out of the NDIS disaster by giving him a cushy ambassadorship to Paris in time for the Olympics. This would trigger a ministerial reshuffle. Based on performance, Jones should clearly be sacked as part of any reshuffle. However Jones’ commitment to placing the interests of unions ahead of the interests of consumers will probably be rewarded. Perhaps they will give Jones the NDIS portfolio, which would have the added benefit for the union leaders of making Bill Shorten look good in retrospect!