new broom sweepeth over, but...

... The proof will be in the dustbag:

On a smaller scale, Senator Sinodinos’ speech to the Association of Financial Advisers faithfully repeated the advisers’ claim that “red tape overreach” in the previous government’s Future of Financial Advice (FoFA) reforms will cost $700 million, plus an annual $375 billion compliance burden. There’s a quick billion then if the government is prepared to give advisers what they want in watering down the conflict of interest reforms at the heart of FoFA.
Advertisement

With few members of the outer ministry allowed to say anything much, Sindonos’ speech is worth closer scrutiny than it received in a couple of brief “FoFA too complex” stories. It contained hints of some interesting threats and promises.

Read more: http://www.smh.com.au/business/red-tape-ruckus-will-amount-to-nothing-20131017-2vnxx.html#ixzz2i0WoJyL7

With a huge portion of current Submissions to ASIC Inquiry being about Financial Lending Sector, it may be that a totally new independant inquiry will be called for.
I certainly will put my hand up, and sweat, for that one.

Regards,