National law firm Slater and Gordon has welcomed moves by the Federal Government to provide greater protection for mum and dad investors from unscrupulous financial planners.
Mr James Higgins, senior Slater and Gordon commercial and project litigation lawyer, said the reforms announced today went a long way to addressing some of the issues that have undermined community trust in the financial planning industry.
“Assistant Treasurer and Minister for Financial Services and Superannuation, Bill Shorten, should be congratulated on his continuing efforts to eliminate rogue operators and restore confidence in the industry,” Mr Higgins said.
“Too often we have seen planners let down their clients and push them into risky investments that they don’t understand and can’t afford.
“Slater and Gordon has represented thousands of small, mum and dad investors who over the past five years have lost their life savings because they followed inappropriate and often misleading advice from their financial planners.
“We are hopeful these reforms will help restore faith in the industry and protect future investors,” he said.
Slater and Gordon has represented thousands of small investors who lost savings in schemes such as Westpoint, Timbercorp and Sonray.
Slater and Gordon has also finalised more than 1,000 compensation claims against the CBA by victims of the Storm Financial collapse in 2008.