The Financial Planning Association (FPA), the Association of Financial Advisers (AFA) and major licensees including IOOF and AMP Limited are facing a grilling before a key Parliamentary Committee on 30 June.
The appearance by the financial planning entities and licensees is all part of the committee’s so-called Review of the Four Major Banks and other financial institutions.
The House of Representatives Standing Committee on Economics which has placed significant pressure on superannuation funds has scheduled public hearings in Canberra covering the financial advice sector and has included industry funds in the process by inviting the attendance of Industry Funds Services (IFS).
Also, on the program to appear is the Financial Adviser Standards and Ethics Authority (FASEA) with at least two members of the committee having previously asked pointed questions about the authority’s performance with respect to its development of the adviser code of ethics.
The other organisations listed on the committee program include the Mortgage and Finance Association of Australia, the Finance Brokers Association of Australia, the Australian Finance Group and the Stockbrokers and Financial Advisers Association.
The committee has already extracted some significant detail from superannuation funds on their advice operations and what members are expected to pay for advice.