ASIC urges FPA to get tougher, more professional
Jeffrey Lucy
The chairman of the Australian Securities and Investments Commission (ASIC), Jeffrey Lucy, has urged the Financial Planning Association (FPA) to put in place its own disciplinary procedures, including the power to expel members who do not live up to expectations.
Addressing the FPA national conference in Melbourne, Lucy said that it was not sufficient to simply rely on the legal and regulatory minimum standards.
He said that if financial planners were to be regarded as professionals and the FPA as a professional body, then it had to be prepared to move against those planners who did not live up to expectations.
“It must have mechanisms in place that extend beyond simple complaints handling,” Lucy said.
He said the FPA needed to have mechanisms in place that not only allowed it to expel members who failed to live up to expectations, but also enabled it to compensate consumers who had been affected by the provision of bad advice.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
