AFA backs Treasury line on planning
|
|
The Association of Financial Advisers (AFA) has made clear it will be using today’s Sydney hearings of the Parliamentary Joint Committee on Corporations and Financial Services to back the Department of Treasury’s view on the future shape of the financial planning industry.
The chief executive of the AFA, Richard Klipin, is scheduled to appear before the committee today and said his organisation was supportive of the broad thrust of the Treasury submission because it had noted the need to avoid unintended consequences flowing from changes to the financial planning regulatory regime.
He said he had also noted similar comments about the need to be aware of the potential for unintended consequences from the Minister for Financial Services and Superannuation, Chris Bowen, and was therefore pleased to see common sense prevailing in what had become an overheated debate.
However, Klipin said the AFA was not opposed to change and was advocating enhancements to the existing environment or a better definition around the role of advisers, improved standards in adviser education and consumer choice of remuneration.
The Financial Planning Association (FPA) appeared before the Parliamentary Committee last week and urged the inquiry not to simply focus on financial planners but to look at the industry more broadly.
AUTHOR
Mike Taylor
Recommended for you
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
