Jeffrey Lucy
The chairman of the Australian Securities and Investments Commission (ASIC), Jeffrey Lucy, has urged the Financial Planning Association (FPA) to put in place its own disciplinary procedures, including the power to expel members who do not live up to expectations.
Addressing the FPA national conference in Melbourne, Lucy said that it was not sufficient to simply rely on the legal and regulatory minimum standards.
He said that if financial planners were to be regarded as professionals and the FPA as a professional body, then it had to be prepared to move against those planners who did not live up to expectations.
“It must have mechanisms in place that extend beyond simple complaints handling,” Lucy said.
He said the FPA needed to have mechanisms in place that not only allowed it to expel members who failed to live up to expectations, but also enabled it to compensate consumers who had been affected by the provision of bad advice.
