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.
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