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FOFA architect appointed to SMSFA board

news
By mbrownlee
April 18 2019
1 minute read
6 View Comments
FOFA architect appointed to SMSFA board
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The SMSF Association has appointed a former parliamentary secretary and shadow minister to its board, with Cath Mulcare stepping down as director.

Former Labor federal politician and parliamentary secretary for the Gillard Labor Government, Bernie Ripoll, will join the SMSF Association board, effective immediately.

Mr Ripoll, who joined the association’s Public Policy Committee in January 2018, will replace Cath Mulcare, who is stepping down after being a director since June 2015.

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Association chair Dr Deborah Ralston said that there would also be additional board appointments made soon following a call for expressions of interest from members.

Ms Ralston said that it was gratifying that someone of Mr Ripoll’s calibre has agreed to join the board.

“His knowledge and insights from the broader advice and superannuation sectors have made a valuable contribution to our discussions,” she said.

“I am certain the skills, relationships and experiences he brings to the table will prove invaluable as superannuation and financial services policy continues to evolve.”

Mr Ripoll said that he was delighted to join the board.

“I have always had a deep interest in superannuation and financial services, which is why I took the opportunity to serve on the Public Policy Committee, and now look forward to having a bigger role in the association by being a board member,” he said.

Ms Ralston also thanked Ms Mulcare for her contribution as a director, especially her work around regulatory affairs, governance and risk management.

“Cath’s knowledge and experience in these critical areas gave the association a vital resource on which it could draw at the very time it was needed,” she said.

Ms Mulcare said that it had been a privilege to serve on the association’s board.

Mr Ripoll has been a strong voice in the SMSF sector, advocating against one-stop shops and the risks they pose to SMSF retirement savings.

He has also spoken about the importance of the SMSF professionals sector competing on the technology front to ensure it is able to retain younger clients, once the greater intergenerational wealth transfer takes place.

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Miranda Brownlee

Miranda Brownlee

Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.

Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.

You can email Miranda on: miranda.brownlee@momentummedia.com.au

Comments (6)

  • avatar
    John Stankevicius Tuesday, 23 April 2019
    FAESA is the law which will wipe out all competition with in the Financial Planning Industry and kill off SMSF. Yep it all flows back to the govt biased super funds and industry funds.
    0
  • avatar
    Without a full and frank apology for the disaster he has created and a plan as to how to clean up his own mess , this is the last person who should be on the Board.
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  • avatar
    As a member of the SMSF association, I do not believe that he is either an appropriate appointment to the board of the SMSF associations or a warranted appointment.
    Mr Ripoll and his history of supporting Industry Super Funds and his Labour past I believe makes him completely unsuitable to be a director of the SMSF association, and as a member I am appalled at this appointment.
    Why did the current board do it?
    It makes me seriously question their competence in this regard.
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  • avatar
    Concerned accountant Thursday, 18 April 2019
    Sadly, and yet another appointee who loves over-regulation. More steps that appear designed to make the whole SMSF sector increasingly overpriced for the man in the street.
    This is another step in what will push more people to the banks and the larger public funds. Wait a few years and watch for the need of yet another banking royal commission.
    The greed of these larger organisations cannot be restrained through legislation designed to restrict smaller players.

    Just look at the disaster of "Limited Financial Planners" as regards locking accountants out of the market place advising SMSF. 40k accountants expected to apply and only a couple of hundred actually get in?? what a joke! How many registered accountants actually ripped off investors while acting as accountants?? was there actually any? If there were there, the % would have been vanishingly small.
    Customers looking for a cheap and unbiased service were the main victims of FOFA.

    And now this same guy gets appointed to the board? I wonder why....
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  • avatar
    Presumably he will follow the negative policies of Bill Shorten and the ALP. Not a good prospect for trustees and members of SMSFs
    0
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