FPA pins hope on collaborative action
The Financial Planning Association of Australia (FPA) is “very, very hopeful” that it will be able to achieve success in the Quality of Advice review by making a joint submission.
Speaking at the FPA roadshow in Sydney, chief executive, Sarah Abood, said the organisation had opted to join with 12 other organisations to make a joint submission.
This included the Association of Financial Advisers (AFA), FINSIA, CPA Australia and the Stockbrokers and Investment Advisers Association (SIAA).
Abood said: “This is a huge opportunity, we believe we have a better chance of being listened to and things being passed by the regulator and the Government if we are displaying how much we agree on. The 12 groups agree on a lot and I think we will be very hard to ignore.
“We are very, very hopeful that we will get good results.”
There were five areas, she said, that the joint submission would focus on; letting professionals be professional, regulatory certainty, sustainable profession and practices, open data and innovation, and client needs.
Some areas were already being explored by minister for financial services, Stephen Jones, and could be enacted earlier than the review concluded.
The FPA would still submit its own individual submission on areas where the parties disagreed such as individual licensing.
AUTHOR
Laura Dew
Recommended for you
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
In the run-up to heavy losses expected at the end of the financial year, June has already reported consecutive weeks of adviser losses.
ASIC has banned a former NSW adviser from providing advice for 10 years for investing at least $14.8 million into a cryptocurrency-based scam.
ASIC has sent warning notices to social media finfluencers who it suspects are providing unlicensed financial advice to Australians as part of a global crackdown by international regulators.
