Australia’s major financial planning representative organisations have conducted high level informal talks around the construction of a united approach to issues arising out of the Australian Securities and Investments Commission’s (ASIC’s) affordable advice review.
The high level discussions have also occurred against the backdrop of the Financial Services Council (FSC) having earlier this month released its financial advice green paper which generated pushback from advisers about the involvement of the FSC in circumstances where it seen to largely represent product manufacturers rather than the advice industry.
Money Management understands that the informal discussions have occurred between the Financial Planning Association (FPA), the Association of Financial Advisers (AFA), the Stockbrokers and Financial Advisers Association (SAFAA) and the SMSF Association.
It represents the first significant coming together of the planning sector organisations since their failed pursuit of code-monitoring status under the Financial Adviser Standards and Ethics Authority (FASEA) regime.
A number of those involved in the talks said that there had been ongoing discourse between the organisations and that the genesis of the most recent meeting occurred “well in advance of the release of the FSC green paper”.
They said that the objective was to identify a common set of solutions for pursuit beyond whatever recommendations came out of the ASIC affordable advice review.
It was a case of seeking to have input into the legislative process which followed the ASIC review, particularly with respect to the future status of general advice and intra-fund advice.