FPA, AFA and licensees to front key parliamentary committee
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.
Recommended for you
While crypto continues to gain traction among investors globally, improving accessibility for financial advisers is key to helping them serve the demand from younger clients, but there are some barriers still hindering adoption.
Investment platform Praemium has reported strong 2024–25 financial year results, with large increases across a range of business metrics, which it credits to the firm’s strategy and high-net-worth focus.
Alternative investment manager Regal Partners has set a target of doubling its offshore funds under management within three years amid strong inflows from offshore investors in the first half of 2025.
Fitzpatricks Advice Partners has formed a strategic alliance with two chapters of a global business support and networking organisation, expanding its offering for the firm’s advisers.
