14,000 still left and that's because CBA/Westpac/ AMP sends them an excel spread sheet with a list of names and a large cheque paying there membership fees for them. There was a back room deal done between the FPA and CBA during the CBA banking scandal pre FASEA and it was written about in the AFR. You'll recall at the time CBA said it's not us it's those nasty Financial Planners. In return for the FPA remaining silent and calling upon the Government to lift education standards the CBA got a get of Jail card and the FPA got gifted compulsory memberships from the Banks. A choice of either the FPA or AFA. Financial Planners got FASEA in return, ASIC & TPB levies, and significant reputational damage and higher compliance costs as both parties blamed planners. It's a sordid deal and relationship that screams a lot about FPA members themselves. But hey what are they going to say when their employer pays for it all. It's getting in bed with product manufactures as to why over regulation, un-affordable advice and red tape will be a feature of the advice industry for decades. The only way to fight this is to be FPA free.
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