Cut red tape: FPA
Jo-Anne Bloch
The Financial Planning Association (FPA) yesterday called for a simpler single-issue advice category to make financial planning more accessible and affordable for Australians.
In line with the Association of Superannuation Funds of Australia’s (ASFA) vision, FPA boss Jo-Anne Bloch said cutting red tape would improve consumer access and aid financial security.
“The most effective way to make professional financial advice more affordable and accessible to Australians is to cut the red tape involved in disclosure and compliance and make it more relevant to the level of advice provided,” she said.
More than 70 per cent of Australians have experienced financial difficulty during their lives, according to Bloch, who said the advice provided by a financial planner plays a vital role in improving understanding of financial matters and helps consumers make sound and informed decisions.
The FPA claims it is not seeking a total overhaul of the Financial Services Reform regime, but has called for policy changes, including definition updates to the terms ‘general’ and ‘personal’ advice within Corporations Law and removal of the current criminal sanctions on financial planners for failing to provide clients with a Statement of Advice or Financial Services Guide within five days of giving advice.
Recommended for you
Insignia Financial has issued a statement to the ASX regarding a potential bid from a third global private equity business to acquire the firm.
More than 30 advisers fell off the FAR during the Christmas and New Year period, according to Wealth Data, with half of these coming from licensee giant Entireti.
With next-generation heirs unlikely to retain their family’s financial advisers after receiving an inheritance, Capgemini has explored how firms can work with younger generations to maintain a relationship.
The use of technology and data analytics will be a way for advice firms to grow in 2025, according to Adviser Ratings, with those who are using it successfully reporting 10 per cent higher profit margins.
