Count may have to set up their own platform.Although i'm...

Count may have to set up their own platform.

Although i'm starting to think that FOFA legislation will be heavily amended by the time it is introduced.

There has been a lot of press saying that banning of rebates to dealer groups (as opposed to advisers) will only hurt independant dealer groups and reduce competition. That is, it won't hurt the banks, only the small guy.

Rob Oakshott has come out and said he wants opt-in extended to 5 years.

Even Adam Bandt has said he is not comfortable with fiddling with pre-existing contracts and arrangements.

The Industry Funds and Choice are pushing hard for FOFA. But the industry funds now have their own problem. The MTAA fund has been an absolute disaster and has revealed the massive conflicted structures of Industry Funds.

If Industry Funds continue to push hard for FOFA they will probably bring legislative change on themselves as well. I think they may well back off for a while.

As for Choice. It is none of their business. Consumers have the option of dealing with any adviser they like and negotiate their own fee arrangements. They have ultimate freedom. Choice has no business interfering in this space.

Let's just say the whole thing has a long way to go before finalisation and I believe the tide has started to turn against FOFA.

I continue to hold DKN for my exposure in this space.