MORE than 35,000 financial advisers and support staff could be driven out of the industry under an alarming prediction from the financial planning industry, which fears that sweeping legislative changes will swamp their businesses in red tape.
Amid predictions of job losses in the banking industry as credit growth slows, senator Bernie Ripoll's Parliamentary Joint Committee into the Future of Financial Advice (FoFA) legislation hearing yesterday fielded protests from a number of industry bodies.
They are concerned that the proposed July 1, 2012 start date for the new laws covering advisers is too soon and that the legislation as its stands is poorly drafted.
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