Restore confidence in planning - FPA

In a letter to each member of the Parliamentary Joint Committee inquiry into Financial Products and Services, both the chief executive and the chair of the Financial Planning Association (FPA) have urged a restoration of consumer confidence in financial planning.

The letter, personally signed by chief executive Jo-Anne Bloch and chair Julie Berry, extols the virtues of FPA membership and the obligations it imposes on planners, noting members of the FPA are required to meet much higher standards than those set out in law.

The letter, which presaged the FPA’s submission to the Parliamentary Inquiry into Financial Services, also makes clear that ‘financial advisers’ and ‘authorised representatives' are not all professional planners and said it would be asking the Government to ensure that only those meeting the necessary competency requirements be allowed to call themselves 'financial planners'.

The letter also points out to members that financial planners are highly regulated and that the Financial Services Reform Act provides strong consumer protections, good disclosure and the appropriate management of conflicts of interest.

The letter concludes on the note that incessant attacks on the reputations of financial planners serves only to undermine consumer confidence and discourage people from seeking advice at a time when they need it most.

“Let’s get on with restoring consumer confidence in financial markets and improving [Financial Services Reform] so that more Australians can get help when they need it,” the letter said.