Clive Palmer deal saves Tony Abbott’s reforms

ClivePalmerto support FOFA changes:The PUP gives a win to the government while the Greens and consumer group are worried of future financial disarray from the water down regulations.

The Abbott government has rescued its financial advice laws through an 11th hour deal with the Palmer United Party but the changes have drawn harsh criticism for increasing red tape and diminishing the rights of investors.

The regulations will allow financial planners associated with banks to continue to receive payments for directing customers towards the banks’ own products.

Finance Minister Mathias Cormann revealed in the Senate that the government had agreed with the balance-of-power senators to introduce further protections as a condition of their support for the unravelling of changes made under the previous Labor government.

It capped a tumultuous few days during which Labor tabled the government’s reforms against its wishes and Clive Palmer said negotiations with the Coalition were not taking place when they obviously were.

The deal, first reported by Fairfax Media on Tuesday, caught Labor and the Greens by surprise and saw them attempt to block the changes with a motion of disallowance in the Senate.

The final Senate vote of 31-34 for disallowance meant the attempt to strike down the changes failed.

Labor has argued its Future of Financial Advice reforms were aimed at stopping the kind of fraud that ruined the retirement plans of investors who sought the advice of the Commonwealth Bank’s financial services arm and lost their life savings.

Palmer United Party leader Clive Palmer has struck a deal with the Abbott government to wind back reforms to financial advice laws. Photo: Alex Ellinghausen

In a letter from Mr Cormann to Mr Palmer, the government agreed to require financial advisers to act in the best interests of their client and prioritise their client’s interests ahead of their own.

It also requires advisers to disclose to clients any payments they receive from product providers, give clients the right to return financial products under a 14-day cooling-off period, and change instructions to their adviser if they experience a change in their circumstances.

The regulations also specify that any instructions to alter or review instructions must be in writing, signed by the client, and acknowledged by the client.

The government has also agreed to establish an “enhanced public register” of financial advisers, including employee advisers, which includes a record of each adviser’s credentials and status in the industry.

The head of the government’s financial system inquiry, David Murray, expressed dismay on Tuesday that there wasn’t already a public register of approved financial advisers.

His inquiry recommends a register and higher trading standards.

Labor Senator Sam Dastyari slams the wind back of financial advice laws in the Senate. Photo: Alex Ellinghausen

The chief executive of National Seniors, Michael O’Neill, said the deal would do nothing to help investors or fix problems in the industry.

“On the surface it adds nothing to the issue at all, except potentially another layer of red tape, which was the reason why the government made its changes to start with. This was a grubby deal and Clive Palmer has treated older Australians with contempt the way he’s dealt with this today,’’ he said.

The head of the Financial Services Council, John Brogden, said the amended regulations would make financial advice more accessible and affordable. David Whiteley, of the Industry Super Association, said the changes would not prevent bonuses and other forms of conflicted remuneration being paid to financial advisers.


This story Administrator ready to work first appeared on Nanjing Night Net.

Kelpie rescued after being found starving and alone in the outbackVIDEO

Nicko the Kelpie was rescued wondering alone in the NSW outback.Source: Ballarat Courier

WHEN it comes to working dog rescues, Nicko hit the jackpot.

Things looked grim for the black and tan kelpie cross, who was found wandering the bush in outback New South Wales.

Fortunately for Nicko, Australian Working Dog Rescue Inc (AWDRI) liberated him from a pound and put him in the care of Ballan foster carer Jess Joy. He then found his way to the Nash family in Ballarat in April 2012 and now lives a life of luxury.

After adopting a cat (Indi) through the RSPCA, Vicki Nash says the family wanted to adopt a rescue dog. Fortunately for all concerned, it proved to be love at first sight.

“He was advertised on Pet Rescue by AWDRI. We didn’t mind if it was a kelpie, we just didn’t want a little dog,” Ms Nash explains.

“I can remember the photo of him. The look on his face was really sad. He was sitting on an outdoor chair and looked very calm but looked like he needed a loving home.

“We got in touch with Jess. She brought him over and we loved him straight away, although he wasn’t real calm then. He was acting a bit mental.”

When he landed at the Nash house, Nicko was called “Nick” by the AWDRI people.

That name didn’t quite fit with the bouncy, energetic kelpie cross, however.

Vicki Nash

“‘Nick’ seemed a bit too formal. So we just added the ‘o’ at the end,” Ms Nash said.

“We’re mad Richmond supporters, so we wanted to call him ‘Tiger’, but Nick was already his name. I couldn’t change it because he was already Nick in his own mind, so it become Nicko.”

It seems likely Nicko was abandoned because he had not made the grade as a working dog, an all too common occurrence.

While he lives his life as a pet now Vicki says you can see traces of his bloodline in his behaviour.

“We go on the Rail Trail and there are paddocks which back onto it,” Ms Nash explains. “There are cattle and sheep there and he goes up to the fence. He shows an interest, for sure. But he never goes in.

“We live on Dyson Drive and when the farmer who has property near us is working with sheep and cattle with his kelpies, Nicko watches with interest but that’s about it.”

Nicko lives with Ms Nash and husband Gavin, their four children Ollie (15), Ned (13), Scarlett (11) and Clementine (six), and Indi.

A large, active family has clearly been a good fit for him.

“He is a very good inside dog, and is happy to sit and do nothing. but he is also very fit. When I ride my bike he will go 20km with me. He loves it,” Ms Nash says.

“He loves balls and, if anyone goes outside, he wants to play outside.

“I have to say he is big sook in terms of having to sleep indoors. He has four kids who encourage him to be a sook.”


Widow of murdered Arncliffe father John Gasovski says family has felt ”relentless pain”

Widow of murdered Arncliffe father John Gasovski says family has felt ”relentless pain” ”Relentless pain”: The wife of murdered Arncliffe father John Gasovski at the press conference calling for the public to help with the police investigation. Picture: Kate Geraghty.

Widow’s plea: Mr Gasovski’s wife, Jackie, pictured with Homicide Squad Commander, Detective Superintendent Mick Willing, appeals to the public to help find her husband’s killers. Picture: Kate Geraghty.

Arnclife man John Gasovski. Picture: supplied

Still searching: Police hope someone who saw Mr Gasovski or his van, NSW Rego BJQ82K, before he died, will come forward. Picture: NSW Police Media.

TweetFacebook“Any information you have, no matter how small or insignificant it may seem, could prove crucial in helping us solve this case.”

Commander of the Homicide Squad, Detective Superintendent Mick Willing,This story Administrator ready to work first appeared on Nanjing Night Net.

Gavin Jones: trailblazer

DEVASTATING: Gavin Jones will be remembered as an inspirational person, and a champion for Aboriginal Australia.

Jake KeaneGavin Jones: 1966-2014Tributes flow in for Gavin Jones – visionary and leader

THE community is reeling at the loss of Vibe Australia founder and Aboriginal rights advocate Gavin Jones, found dead at his Goulburn property on Saturday morning.

Described as a crazy genius, a visionary and shining light, Mr Jones was the founder and director of Deadly Vibe Magazine, a national publication whose staff operated predominately from Montague Street offices.

He established the annual Deadly Awards – an Australiawide event dedicated to showcasing the achievements of Aboriginal and Torres Strait Islander people. Mr Jones was 47.

Police would not comment on his death in detail, but confirmed a brief was being compiled for the coroner.

The news stunned both the Goulburn community and those further afield.

We’ve lost a great man & trailblazer in Gavin Jones. He gave voice to contemporary Aboriginal culture. Sorely missed

— Warren Mundine (@nyunggai) July 14, 2014″Indigenous Australia has lost a champion this week. Vale Gavin Jones, he will be sadly missed…”

Troy Cassar-Daley”Gavin was the most generous, humble, warm-hearted man I have ever had the privilege of calling my friend…”

Cr Alfie WalkerVale Gavin Jones, a great bloke and a great neighbour. So generous and creative.

— Pru Goward (@PruGoward) July 15, 2014This story Administrator ready to work first appeared on Nanjing Night Net.

Axe, crossbow used in alleged Somersby attempted murder

A MAN will face court on Wednesday after allegedly attempting to murder another man at Somersby with an axe and crossbow on Tuesday.

Police arrested a 49-year-old man on Tuesday after they were called to Dawson Street at Somersby about 1.30pm.

A 56-year-old man came out of his house carrying a laptop and stood in his driveway, police said.

It is alleged the younger man approached the older man with a crossbow before firing at him.

Brisbane Water police said the arrow struck the man’s laptop and the younger man then allegedly ran at him, striking him in the head with an axe.

A struggle ensued before another man intervened and the younger man was restrained until police arrived.

He was arrested and charged with attempted murder and malicious wounding.

Police also allege he was in possession of a crossbow, knives and a piece of wire.

The older man received treatment at Gosford hospital, receiving stitches for a head wound before he was released.

The 49-year-old faced Gosford Local Court on Wednesday and did not apply for bail.

It was formally refused and he will re-appear by audio-visual link in September.