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.
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The committee should ask where the FPA got it's $20 million from.
With a bit of luck they'll realise that Glenfield is clearly robbing a village somewhere of its idiot.
Let's hope these groups who have previously shown themselves to be anything but professionally prepared, are at least singing largely from the same hymn sheet (as the union rorted funds do), and this time have a plethora of factual real life case-studies of planners helping clients and adding substantial value to both them and society in general.
The utter bs that occurred previously both during the farcical RoyComm and prior parliamentary enquiries has made 'Dumb & Dumber' Einsteinian in comparison.
These banks after all are members of the FPA. They are part of the Professional Partner Program. There payments were bundled up and referred to member fees for decades. It appears accusations by the Australian Financial Review journalist Adele Ferguson of a meeting between the FPA and CBA executive staff, that the FPA would remain silent during the CBA advice scandal in return for compulsory membership may be addressed.
When is AMP going to be dragged over the coals for what it has done to it's planners by the parliament? Everyone is aware of the issues, no one seems to want to do anything about it?
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