Government fails to take heed of financial victims woes on FoFA reforms
The Greens spokesperson for Small Business, Competition Policy and Consumer Affairs, Senator Peter Whish-Wilson today asked the government in Senate Question Time whether they had considered the plight of the hundreds of victims of the Timbercorp collapse when drafting their FoFA reforms.
ANZ and liquidators are today calling in the debts of mum and dad investors who were sold dodgy Managed Investment Scheme products from Timbercorp. These investments were risky and complex and were pushed by some financial planners seeking commissions.