New spearhead to raise advice standards
The Financial Planning Association (FPA) has given its campaign to raise the quality of financial advice more impetus, announcing the appointment yesterday of a dedicated manager of professional standards.
Adrian Lucchese will spearhead the association’s campaign to raise standards in the financial planning industry when he joins the FPA’s Sydney office at the end of this month.
Since last September, the FPA has relied on Sue Linney, who was on secondment from MLC, to fill the professional standards manager role.
Lucchese was previously employed by the University of Western Sydney, where he was employed on a contract basis.
He has ten years experience as a legal director and general counsel in the corporate sector, working on a range of commercial and corporate governance issues.
Previous work experience has included senior roles at Hunt and Hunt Lawyers, George Western Foods Limited and Rothmans of Pall Mall (Australia).
FPA chief executive Kerrie Kelly said Lucchese’s “legal training and management skills equip him ideally for this key role within the FPA”.
“In addition, his previous experience in compliance and quality standards will bring a fresh perspective to the issues we face in the financial planning sector,” she said.
In response to heavy consumer and regulatory criticism of the financial planning industry, the FPA has made professional standards a front line issue over the past year.
Over the past 12 months, it has introduced a code of conduct on soft dollar remuneration, guidelines on rebates and commissions and draft principles on conflicts of interest in the financial planning industry.
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
