Independent consumer financial information body axed

National Seniors is stunned to learn that, due to federal funding cuts, the National Information Centre on Retirement Investments (NICRI) will cease to exist on February 27, 2015.

Chief executive Michael O’Neill said: “NICRI is currently the only place older Australians can go for free and truly independent financial information”.

“For years National Seniors has unreservedly recommended NICRI to retirees overwhelmed by the complexity of the system.

“Barely two weeks ago, the Murray Report emphasized the importance of consumer empowerment and fair treatment in a ruthless sales-driven system.”

“We are stunned that this vital consumer service has been axed. Older Australians now have nowhere to go,” he said.

Every year, the little independent, government-funded Canberra-based agency helps thousands of older Australians understand everything from allocated pensions to annuities and funeral bonds.

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