FPA won’t defend the indefensible
The Financial Planning Association (FPA) will not seek to defend the indefensible where poor financial planning practices are concerned, according to outgoing FPA chairman, Matthew Rowe.
Addressing the opening of the FPA a Congress in Adelaide, Rowe referenced both the Senate's overturning of the Government's Future of Financial Advice (FOFA) changes and the recent focus on failures within Commonwealth a Financial Planning as being a test of character for the financial planning industry as a profession.
He said that professionalism was something that could not be delivered by an act of Parliament but was something that had to be pursued by planners themselves.
Rowe said that for this reason the profession had to move beyond its focus on FOFA.
Incoming FPA chairman, Neil Kendall said he believed that while the planning industry could lay claim to being a professions it was, in fact, just beginning its journey towards that objective.
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
