DPB provision brings equal regulation
Members of financial services professional bodies who offer financial advice will have to be licenced and regulated to the same standards of a financial planner, following the amendment of the Declared Professional Body (DPB) provision in the draft Financial Services Reform Bill (FSRB) introduced into parliament earlier this month.
Last year the proposed DPB provision allowing members of professional bodies to be exempted from certain licencing requirements under the FSRB caused a level of industry unease. The Financial Planning Association (FPA) raised its concerns that the DPB element would create two different regulatory structures, and lead to a dilution of consumer protection.
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