The Financial Planning Association (FPA) has declared its opposition to the Government’s legislative move to stop people from paying for financial advice from their MySuper accounts.
The FPA has told the government it opposed the move which it believed will create two classes of superannuation and take away the ability of consumers to choose where they get their advice and how they pay for it.
In a statement issued today, FPA chief executive, Dante De Gori said that it was incorrect to state that people with a MySuper account were disengaged and therefore did not require advice.
“Many people choose to stay in a MySuper investment option because it is the right one for them and they have the same need for financial advice on their superannuation, insurance needs and retirement planning,” he said.
De Gori said that stopping the payment of advice fees from MySuper investment options would disadvantage many Australians who currently use this arrangement to access affordable advice from their choice of financial planner.