Money matters

By Barry Rollings
Volume 48, No. 18, October 05, 2006

NEW CHARTER: The launch of the ADF Financial Services Consumer Council, from left, Glen Tye, WGCDR Robert Brown, ACM Angus Houston, Defence Minister Brendan Nelson, Ken Kipping, BRIG Paul Symon, AIRCDRE Lee Roberts and CAPT Daryl Bates. Photo by Doc Doherty

THE new Australian Defence Force Financial Services Consumer Council will have retention and welfare benefits, Defence Minister Brendan Nelson told its launch in Canberra on September 15.

The council will provide credible and independent financial education to all ADF members and their families, and assist ADF members to make informed decisions about their financial futures. It will not provide individual financial advice but will focus on improving the financial literacy of ADF members and their families.

“The council’s three key priorities will in no small way contribute to a number of our retention and management issues,” Dr Nelson said.

“ADF personnel and their families will receive well-informed, consistent, independent and professional advice about consumer issues of a financial nature.

“It’s not about directing them to one particular product supplier or another but rather educating them about the myriad of things that are available to them, helping them avoid pitfalls in terms of investment and ensuring that – through seminars, DVDs, Service publications, the intranet and a variety of sources – they get the right advice.

“The Service Chiefs will be able to receive really good advice about issues in the broad strategic policy sense, of a financial nature, especially when it comes to things like superannuation, retirement planning and services that are very important for Defence.”

“The third very important priority concerns relations with the financial regulators, the ACCC (Australian Competition and Consumer Commission) and ASIC (Australian Securities and Investments Commission).

“I think we have the right people on it (the council) and it will make a difference not only to the individual lives of our personnel and their families but that they can also be confident they have good advice about understanding investment of their hard-earned money,” Dr Nelson said.

The council is independent, consisting of a range of people within and outside Defence, combining Service experience with extensive knowledge of the financial services industry.

CDF ACM Angus Houston said the council was formed after realising that Service members often struck difficulties in matters such as banking, insurance, lending, superannuation, and investment products and services.

“I think that those of us who have been commanding officers know that some people get into strife with the finance industry from time to time,” ACM Houston said.

“It was quite clear we needed a better basis for financial education. The second part is the right advice to the Defence leadership. We have some rather large corporate entities in Defence – health and welfare – and clearly from time-to-time there is the need for expert financial advice.”

For more information, contact Mr Glen Tye on (02) 6266 3303.

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