Powered by MOMENTUM MEDIA
moneymanagement logo
 
 

SPAA aims to exempt members from opt-in

SPAA/ASIC/self-managed-super-fund/FOFA/australian-securities-and-investments-commission/financial-advice/financial-advisers/chief-executive/

28 March 2012
| By Staff |
image
image image
expand image

The Self-Managed Super Fund Professionals' Association (SPAA) has announced it will reform its internal member code of conduct so that SPAA members are exempt from opt-in requirements when Future of Financial Advice (FOFA) reforms take effect.

Minister for Financial Services and Superannuation Bill Shorten last week announced that although opt-in requirements would remain a part of the FOFA reforms, financial advisers could obviate the need for opt-in if they were part of a professional organisation governed by an acceptable code of conduct, as determined by the Australian Securities and Investments Commission (ASIC).

SPAA chief executive Andrea Slattery said the group would work closely with ASIC to ensure its code of conduct meets the required standard to exempt members from opt-in.

"The FOFA reforms will result in the raising of standards across the financial planning profession, which is a positive step to boosting consumer confidence in advisors," Slattery said.

A statutorily imposed opt-in regime is unnecessary, because the introduction of the best interest duty, the banning of commissions, and the use of fee for service will assist in building trusted relationships with clients based on agreed terms with the client, according to SPAA.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

The succession dilemma is more than just a matter of commitments.This isn’t simply about younger vs. older advisers. It’...

4 days 4 hours ago

Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

4 weeks 1 day ago

It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

1 month ago

ASIC has released the results of the latest adviser exam, with August’s pass mark improving on the sitting from a year ago. ...

6 days 22 hours ago

While the profession continues to see consolidation at the top, Adviser Ratings has compared the business models of Insignia and Entireti and how they are shaping the pro...

2 weeks 1 day ago

The inquiry into the collapse of Dixon Advisory and broader wealth management companies by the Senate economics references committee will not be re-adopted. ...

2 weeks ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND