Financial Planning Association chief executive, Mark Rantall, has expressed disappointment at comments made at the National Press Club by Australian Securities and Investments Commission (ASIC) chairman, Greg Medcraft.
Rantall has told Money Management his disappointment stems from the fact that the ASIC chairman's criticism of financial planners presented as a sweeping statement capable of tarnishing an entire industry and diminishing the efforts of the majority of planners who were doing a fantastic job.
"We understand that ASIC only sees the worst examples of advice and comments can be taken out of context , however we believe large strides have been made in progressing our industry towards a profession and there has been strong consultation and cooperation with the regulator along the way," he said.
Mr Rantall said that notwithstanding the controversy generated by Medcraft's remarks, the FPA would continue to pursue a cooperative approach aimed at lifting educational and professional standards.
Many financial planners appeared to be deeply angered by the ASIC chairman's remarks with scores posting comments on the Money Management website defending their calling and criticising the approach of ASIC.
Among those critical of the remarks was Commonwealth Financial Planning whistle-blower, Jeff Morris, who suggested the ASIC chairman's comments did not reflect the systemic regulatory failures which allowed the events at Commonwealth Financial Planning to occur.
