Super needs a level playing field: FPA
Jo-Anne Bloch
The Financial Planning Association (FPA) has welcomed the Government’s call to review self-managed superannuation funds (SMSFs) and has identified a need for a level playing field in the licensing, quality and provision of advice.
FPA chief executive Jo-Anne Bloch said a review was welcome and agreed with principles laid out by the Minister for Superannuation and Corporate Law, Nick Sherry, who addressed the opening session of the SMSF Professionals’ Association of Australia annual conference in Brisbane yesterday.
“Any adviser who is advising on superannuation products, which includes SMSFs, should be appropriately licensed and qualified to do so.
“This would mean either reconsidering the exemption given to accountants, or ensuring that minimum levels of competency and qualification are upheld across the board, including accountants,” Bloch said.
The FPA would like to see a level playing field in disclosure, compliance with anti-money laundering requirements, and access to complaints mechanisms stepped up, according to Bloch, who said these things were equally important for consumers and their advisers irrespective of the superannuation product chosen.
Bloch pointed to recent research that showed the component of financial advice most valued by clients was the financial education gained from seeing a professional financial planner.
“We agree that financial planners have a significant role to play in educating and supporting trustees so that they take an active interest in their SMSFs, once they have decided to establish one,” Bloch said.
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