Cut red tape: FPA
Jo-Anne Bloch
The Financial Planning Association (FPA) yesterday called for a simpler single-issue advice category to make financial planning more accessible and affordable for Australians.
In line with the Association of Superannuation Funds of Australia’s (ASFA) vision, FPA boss Jo-Anne Bloch said cutting red tape would improve consumer access and aid financial security.
“The most effective way to make professional financial advice more affordable and accessible to Australians is to cut the red tape involved in disclosure and compliance and make it more relevant to the level of advice provided,” she said.
More than 70 per cent of Australians have experienced financial difficulty during their lives, according to Bloch, who said the advice provided by a financial planner plays a vital role in improving understanding of financial matters and helps consumers make sound and informed decisions.
The FPA claims it is not seeking a total overhaul of the Financial Services Reform regime, but has called for policy changes, including definition updates to the terms ‘general’ and ‘personal’ advice within Corporations Law and removal of the current criminal sanctions on financial planners for failing to provide clients with a Statement of Advice or Financial Services Guide within five days of giving advice.
Recommended for you
As advisers risk losing two-thirds of FUA during the $3.5 trillion wealth transfer, two co-founders underscore why fostering trust with the next generation is vital to retaining intergenerational wealth.
As advisers seek greater insights into FSCP determinations, what are the various options considered by the panel and can a decision be appealed?
Amid the current financial adviser shortage, advice firm Link Wealth is looking to expand its financial literacy program for high school students across the country.
TAL Risk Academy has updated its range of ethics courses to help financial advisers meet their CPD requirements following adviser feedback, including interpreting FSCP determinations.
