FPA vows to work hard for advisers
The Financial Planning Association (FPA) will continue to lobby the Coalition Government following John Howard’s landslide victory in Saturday’s federal election, with the aim of reducing the regulatory burden faced by advisers under Financial Services Reform (FSR).
The FPA says it has been encouraged by commitments given by the Coalition during the election campaign, such as the promise to remove the unforeseen regulatory obligations arising out of the Financial Services Reform Act.
According to FPA head of policy and government relations John Anning, the adviser association is confident both Government and the Australian Securities and Investments Commission (ASIC) will remove any excessive regulations so that only those required to maintain the efficient functioning of the economy and safeguard the interests of consumers will remain.
“We see our main priorities to be: relieving some areas of the regulatory burden on financial planning - especially that which has had an unintended adverse effect on consumers; a review of the regulatory exemptions for some sectors of financial services; ensuring the road taken on superannuation continues to work well as part of an overall retirement income policy; and financial literacy,” Anning says.
He states that the FPA will continue to pressure the Government to review the consequences of the FSR regime and move quickly to correct situations where the goals of FSRA are not being met or are having unforseen results.
Meanwhile in other news, recently appointed FPA chapter manager Andrew McClure is set to depart the FPA only four months after taking over responsibility for the co-ordination of and communication with the 31 FPA chapters throughout Australia.
McClure who was previously FPA membership relationship manager, has been head-hunted and has accepted a role with his former employer, healthcare group Medibank.
The FPA has begun a recruitment search to fill the position.
Recommended for you
BT is to launch a new low-cost “Focus” investment menu for its Panorama platform this October, in partnership with Vanguard, seeking to compete with industry superannuation funds.
Net gains of financial advisers have already doubled since the start of FY25, according to this week’s Padua Wealth Data, with momentum gathering pace far faster than the previous financial year.
National advice firm MiQ Private Wealth has appointed a new chief executive to lead the business through a “transformative era” after penning a partnership deal with AZ NGA earlier this month.
WT Financial’s managing director, Keith Cullen, believes the firm’s Hubco model with Merchant Wealth Partners will be a “repeatable growth model” for the business as it scales its adviser numbers.
