Planners warned on ‘gap trap’
Financial planners will need to be wary about changing jobs around the middle of next year, according to specialist law firm, The Fold.
The Fold's Maggie Pascoe has used a blog to discuss the implications of the intended changes to professional standards and education requirements timed to take effect from the middle of next year.
"While existing planners will not have to complete a "professional year", if you're in the unfortunate position of being between roles just before 1 July 2017, you will find yourself unwittingly having to comply with the new requirements when you do find a position on or after 1 July 2017," she warned.
Pascoe described the issue confronting planners on or around 1 July, next year, as the "the gap trap"
However with the Parliament having been prorogued and with the Prime Minister expected to call an early June Federal Election, financial services organisations are pointing to bills currently before the Parliament as having entered limbo.
Recommended for you
As the first quarter of 2024 comes to a close, Money Management looks back on the corporate regulator’s bans and AFSL cancellations in the financial advice sector.
Insignia Financial is holding ‘relatively steady’ onto its rank as Australia’s second-largest financial advice licensee after the Godfrey Pembroke exit but Count is hot on its heels.
Liberal senator Slade Brockman has said the government needs to have a “cold hard look” at the level of regulation in the financial advice space and the costs of running a business.
FAAA chief executive, Sarah Abood, has warned changes in the first tranche of the QAR legislation around advice fees documentation could create more work for advisers rather than less.