An address by Greg Tanzer, Executive Director, Consumer Protection, to the Association of Superannuation Funds of Australia (ASFA), 10 November 2005.
The importance of advice
As Jennifer has been stressing, for Australian consumers, quality financial聽advice is more important than it has ever been. Direct and indirect聽participation by consumers in markets for financial products and services is at聽an all time high. And superannuation choice has added a major dimension,聽with more consumers now able to choose how their mandatory savings are聽managed.
ob体育's job is to promote a financial services industry that is efficient, flexible聽and innovative in the provision of financial products and services. We must聽also promote the confident and informed participation of investors and聽consumers in the financial services industry. ob体育 recognises that the needs聽of both business and consumers must be met, and we work hard to try to聽balance those needs using a variety of approaches.
This morning, I want to focus on our shadow shopping work, some areas聽where we see room for innovation, on advertising and on consumer聽 education.