FPA signals cooperation with Govt on RC recommendations
The Financial Planning Association (FPA) has committed to “working proactively” with the Government to address the Royal Commission final report’s recommendations and to rebuilding trust in the planning profession.
The Association accepted that the examples of poor advice identified by the Commission were deeply concerning, agreeing with the report’s findings that stronger consumer protections and oversight were needed.
FPA chief executive, Dante De Gori, believed that trust was at the centre of improving outcomes for those who had not received proper advice.
“People want to know who they can trust with their money; they deserve trusted and transparent financial advice that is unequivocally in their best interests as the client,” he said.
“It will take time to review and absorb the full implications of this final report, but in principle, the FPA is committed to working cooperatively with the government and its current and future representative bodies to support the growth of our profession for the benefit of consumers.”
De Gori also backed Hayne’s calls for greater transparency, with the FPA recently having conducted a voluntary internal review of its Conduct Review Commission disciplinary processes. He also pointed out that the creation of Code Monitoring Australia would help improve disciplinary independence.
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.