The Financial Planning Association (FPA) has committed to “working proactively” with the Government to address the Royal Commission final report’s recommendations and to rebuilding trust in the planning profession.
The Association accepted that the examples of poor advice identified by the Commission were deeply concerning, agreeing with the report’s findings that stronger consumer protections and oversight were needed.
FPA chief executive, Dante De Gori, believed that trust was at the centre of improving outcomes for those who had not received proper advice.
“People want to know who they can trust with their money; they deserve trusted and transparent financial advice that is unequivocally in their best interests as the client,” he said.
“It will take time to review and absorb the full implications of this final report, but in principle, the FPA is committed to working cooperatively with the government and its current and future representative bodies to support the growth of our profession for the benefit of consumers.”
De Gori also backed Hayne’s calls for greater transparency, with the FPA recently having conducted a voluntary internal review of its Conduct Review Commission disciplinary processes. He also pointed out that the creation of Code Monitoring Australia would help improve disciplinary independence.