FPA disappointed by Medcraft comments
Financial Planning Association chief executive, Mark Rantall, has expressed disappointment at comments made at the National Press Club by Australian Securities and Investments Commission (ASIC) chairman, Greg Medcraft.
Rantall has told Money Management his disappointment stems from the fact that the ASIC chairman's criticism of financial planners presented as a sweeping statement capable of tarnishing an entire industry and diminishing the efforts of the majority of planners who were doing a fantastic job.
"We understand that ASIC only sees the worst examples of advice and comments can be taken out of context , however we believe large strides have been made in progressing our industry towards a profession and there has been strong consultation and cooperation with the regulator along the way," he said.
Mr Rantall said that notwithstanding the controversy generated by Medcraft's remarks, the FPA would continue to pursue a cooperative approach aimed at lifting educational and professional standards.
Many financial planners appeared to be deeply angered by the ASIC chairman's remarks with scores posting comments on the Money Management website defending their calling and criticising the approach of ASIC.
Among those critical of the remarks was Commonwealth Financial Planning whistle-blower, Jeff Morris, who suggested the ASIC chairman's comments did not reflect the systemic regulatory failures which allowed the events at Commonwealth Financial Planning to occur.
Recommended for you
Over half of wealth management clients in Asia-Pacific say they are looking for more advice in investment and financial planning services, according to EY, and may switch or add new providers to achieve this.
As artificial intelligence continues to reshape how the advice industry operates, Adviser Ratings unpacks which areas advisers are using the technology to improve the client experience.
Insignia Financial has appointed the former APAC head of a global asset manager to its board.
Financial advisers have been warned against advising clients to withdraw superannuation for medical or dental treatments as a new report highlights the long-term effect on balances at retirement.