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Agreed. The leadership of the FPA has been questionable for many years. Trail commissions derived from deferred commissions and they support the day to day costs of operating practises. Nobody is being denied service and if a consumer feels that they have not been contacted for reviews, they have the option of contacting the listed adviser on their policies to arrange a meeting. Why are the regulators thinking for the consumers? It belies me that there is now a full blown industry attacking financial services. Regulators have done a lot to damage financial services creating an entitlement class who will not act on unless acted upon. The FPA was a body established to represent self employed financial planners. Today, I am not so sure. We are also over regulated and being made an example of because of a very small minority of financial planners who have overstepped their mark. Our passive income is shrinking due to the banning of commissions initially starting with corporate superannuation.
The Hayne Royal Commission has overreacted with its recommendations without really understanding the implications of its actions.