Broadly speaking, FINSIA is supportive of the direction in which the proposals are moving as part of this Review. It is essential, in our opinion, that the Review continue to reflect on the current design of the policy and regulatory framework that surrounds financial advice in Australia, and to advance recommendations for reform that will deliver to consumers more affordable and accessible financial advice. In our opinion, the full suite of recommendations put forward in the Proposals Paper should, on balance, deliver to consumers wider access and improved affordability of financial advice.
FINSIA plays a unique role in advocating on major challenges facing the industry.
FINSIA makes regular submissions on behalf of members, reflecting the size of the challenge facing financial services.
FINSIA Submission to QOAR Proposals for Reform
FINSIA Submission to RBNZ
In our view, the paper appropriately captures the central issue relating to the under representation of access to Capital for Māori, and also the relative percentages by which that under-representation is evident. The paper also captures the problem of securitising small size assets that Māori own. One observation is that the paper misses the history of why Māori are under-represented in the business space. In our view, this was driven by a 40-year government strategy (post WW2 to the 1980s) that has, in essence, subsidised Māori to move from country provinces into the metropolitan areas for (typically) low-skilled employment opportunities. This strategy was underpinned with low-cost housing through the state, which ultimately meant that Māori did not have the property asset base to loan against when they went into businesses later in their working life.