Planners should focus on bigger picture: IPA
The Institute of Public Accountants has spoken out in favour of the Government’s Future of Financial Advice (FOFA) reforms, arguing that the financial planning industry should focus on the bigger picture.
Chief executive Andrew Conway (pictured) said recent comments by stakeholders about the FOFA reforms package were putting self-interest ahead of public interest.
“We believe it is in the public interest to have a scaled licensing regime for financial advice, and we are pleased the Government has acknowledged the important role appropriately qualified accountants can play in the provision of financial advice,” Conway said.
“We simply do not accept the position that the transitional arrangements in FOFA are problematic,” he said.
Conway’s comments are in line with the fact that many of the proposed FOFA reforms will benefit the accounting profession.
Recommended for you
As advisers risk losing two-thirds of FUA during the $3.5 trillion wealth transfer, two co-founders underscore why fostering trust with the next generation is vital to retaining intergenerational wealth.
As advisers seek greater insights into FSCP determinations, what are the various options considered by the panel and can a decision be appealed?
Amid the current financial adviser shortage, advice firm Link Wealth is looking to expand its financial literacy program for high school students across the country.
TAL Risk Academy has updated its range of ethics courses to help financial advisers meet their CPD requirements following adviser feedback, including interpreting FSCP determinations.
