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
Sharing his reasoning in joining the FSC board, WT Financial chief executive, Keith Cullen, believes “product and advice cannot be separated” from each other in the current environment.
The Emerge Foundation, a charity run by financial advisers and fund managers, has announced a scholarship program to help veterans transition into tertiary education.
In an open letter, Sequoia chief executive Garry Crole has hit out against shareholders “with a personal axe to grind” as he fights for his job ahead of an EGM.
The JAWG has announced it is in talks with Treasury around five “core principles” to strengthen the education standards for new entrants to the financial advice space.
