Financial services factions urged to unite



SPAA patron, Sir Anthony Mason calls for an end to denigration and a uniting of the various sections of the financial services industry.
The Australian financial services industry need to put aside its differences and present a united policy front to Government, according to the Patron of the Self Managed Superannuation Funds Associaition, Sir Anthony Mason.
Mason, a former High Court judge, opened the SPAA annual conference in Melbourne, that there were substantial advantages for the industry in presenting a united front and that much damage had been done by various sectors of the industry denigrating each other.
He said too much damage had been done be some parts of the industry pursuing their sectional interests at the expense of others.
As well, Mason said that any further changes to the legislative and regulatory regime should be finely focused on removing excesses and inequities and there was no doubting that excesses and inequities continued to exist.
The SPAA patron also reinforced the need for the planning industry to embrace higher educational qualifications.
He said that only when planners embraced degree-based qualifications could they call themselves a profession.
Recommended for you
Results are out for the latest sitting of the ASIC financial advice exam, with the pass rate falling for the second consecutive sitting.
Adviser losses for the end of June have come in 143 per cent higher than the same period last year, and bring the total June loss to over 350.
ASIC’s enforcement action is having an active start to the new financial year, banning a former Queensland financial adviser for 10 years in relation to fees for no service conduct.
ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay.