FPSB praises FPA on FOFA efforts
The Financial Planning Standards Board (FPSB) has praised its member organisation, the Financial Planning Association (FPA), for its efforts in negotiating some of the key legislative outcomes for Australian planners.
FPSB - which is based in the United States and owns the Certified Financial Planner logo marks outside the US - also praised the Australian Government and regulators in "recognising the key role of financial planning professional bodies in the oversight of financial planners".
"The FPA … negotiated with the Australian Government to encourage future regulation of financial planning to be informed - and potentially moderated - by the professional standards developed by the FPSB and localised by the FPA for the Australian marketplace," the FPSB wrote in a statement.
These comments follow the perceived last-minute deal between the FPA and the Industry Super Network on some of the key proposals from the Future of Financial Advice reforms package - including opt-in, best interests and enshrining of the term 'financial planner' - which recently passed through the House of Representatives.
FPSB chief executive officer Noel Maye congratulated the Australian Government and the FPA "for taking the initiative to protect consumers seeking the services of financial planners."
"If approved, these reforms and the partnerships between government and professional financial planning bodies they encourage could provide a model for other jurisdictions seeking to establish and oversee the profession of financial planning," Maye said.
Recommended for you
Unregistered managed investment scheme operator Chris Marco has been sentenced after being found guilty of 43 fraud charges, receiving the highest sentence imposed by an Australian court regarding an ASIC criminal investigation.
ASIC has cancelled the AFSL of Sydney-based Arrumar Private after it failed to comply with the conditions of its licence.
Two investment advisory research houses have announced a merger to form a combined entity under the name Delta Portfolios.
The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
