FPA won’t defend the indefensible
The Financial Planning Association (FPA) will not seek to defend the indefensible where poor financial planning practices are concerned, according to outgoing FPA chairman, Matthew Rowe.
Addressing the opening of the FPA a Congress in Adelaide, Rowe referenced both the Senate's overturning of the Government's Future of Financial Advice (FOFA) changes and the recent focus on failures within Commonwealth a Financial Planning as being a test of character for the financial planning industry as a profession.
He said that professionalism was something that could not be delivered by an act of Parliament but was something that had to be pursued by planners themselves.
Rowe said that for this reason the profession had to move beyond its focus on FOFA.
Incoming FPA chairman, Neil Kendall said he believed that while the planning industry could lay claim to being a professions it was, in fact, just beginning its journey towards that objective.
Recommended for you
The corporate regulator has permanently banned a Melbourne-based financial adviser that “dishonestly attempted to induce clients to transfer their superannuation into a bank account he controlled”.
ASIC has announced the Administrative Appeals Tribunal has upheld a former NSW-based adviser’s permanent ban following his conviction for fraud offences.
The Financial Advice Association Australia has released its pre-budget submission, including six key items to help reduce the cost of professional advice and increase its accessibility.
Phil Anderson, general manager for financial advice at the FAAA, believes the CSLR levy could reach $100 million if Dixon Advisory complaints are allowed to continue.
