Submission to Inquiry into Streamlining of Future of Financial Advice Bill 2014

COTA Australia is the national policy vehicle of the eight State and Territory Councils on the Ageing (COTA) in NSW, Queensland, Tasmania, South Australia, Victoria, Western Australia, ACT and the Northern Territory.

COTA Australia has a focus on national policy issues from the perspective of older people as citizens and consumers and it seeks to promote, improve and protect the circumstances and wellbeing of older people in Australia. Our submissions always incorporate the views of our members developed through various consultation mechanisms.

COTA was a strong supporter of the FoFA reforms as we believe they offered the potential to ensure financial advice was in the interest of the consumer. The FOFA package was a compromise between consumer protection and the needs of industry.