Super switch checklist for FPA members
Jo-Anne Bloch
The Financial Planning Association (FPA) has released a checklist of regulatory requirements to assist members when advising clients on superannuation switching.
The launch of the new tool comes in response to a number of concerns raised by FPA members about the difficulty in obtaining some information on clients’ current superannuation funds that affects their ability to provide appropriate advice on superannuation switching.
“As well as speeding up the information gathering process, the checklist will help to ensure that nothing of significance is overlooked when advising clients on super switching options,” FPA chief executive officer Jo-Anne Bloch said.
The list covers possible insurance implications of superannuation switching, procedures for nominating beneficiaries and contribution and investment options.
Bloch pointed out the hard line taken by the Australian Securities and Investments Commission (ASIC) in stipulating that advice cannot be given without appropriate consideration of clients’ individual circumstances.
“An adviser must make reasonable efforts to get relevant information. If it is not available, the law allows an adviser to give advice without it, but with a clear warning.
“We hope this checklist will make the process of information gathering easier,” Bloch said.
The list was developed in consultation with ASIC, the Investment and Financial Services Association and the Association of Superannuation Funds of Australia.
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