FAAA confident in restarting lapsed Senate inquiry
The Financial Advice Association of Australia (FAAA) believes it can succeed in having the major parties resurrect the now-lapsed Senate Economic Committee inquiry review the Compensation Scheme of Last Resort in the context of the Dixon Advisory collapse.
And if it does succeed, it wants to have the terms of reference reflect the fall-out from the collapse of the Shield and First Guardian products which are already being flagged as feeding into the cost of the CSLR.
general manager, Phil Anderson took to social media to reassure members that the lapsing of the Senate inquiry had been expected as a result of the election and that, consequently, the organisation had been working across party lines to get it restarted.
“… the FAAA is now working closely with the Financial Services Minister and the Shadow Minister to get the inquiry re-mounted,” Anderson said.
“Both parties have indicated that they support the inquiry and we are currently going through the processes required to do so. There is no indication that this won’t succeed.”
“The FAAA continues to believe an inquiry is essential to understand the full scope of what went wrong with Dixon Advisory and to ensure it is not repeated.
“The recent experience with Shield and First Guardian emphasises the importance of an inquiry into such matters,” Anderson said.
The original Senate inquiry was initiated in October/November last year and was always going to be hard-pressed to complete its work before the expiry of the last Parliament at the calling of the May Federal Election.
Unfortunately I doubt the FAAAAAA…. to be able to achieve much of anything. Let alone a real investigation into the inner workings of Corrupt Canberra
What an absolute joke.
Canberra is rubbish.