Financial planning industry to assist bushfire victims

Various members of the financial planning industry are working on initiatives aimed at assisting the victims of the bushfires currently devastating areas of Victoria.

Industry bodies including the Financial Planning Association (FPA), the Association of Financial Advisers (AFA), the Association of Superannuation Funds of Australia (ASFA), the Investment and Financial Services Association (IFSA) and the National Institute of Accountants (NIA) have taken action this week in support of those affected.

The FPA will be offering free financial advice to the victims of Victoria’s fires, with a pro-bono referral service established in order to connect people affected by the fires with a local financial planner, FPA chief executive Jo-Anne Bloch said.

“Our members have volunteered their services and are pleased to be able to help Victorians in need,” Bloch said.

“It is important to the FPA and our members to be able to provide bushfire victims with free, professional, advice at a time when many people are struggling to cope with the loss of homes, personal possessions and probably all their financial records,” Bloch said.

In addition, the FPA's charitable foundation, Future2, will also establish an appeal to enable financial planners and supporters to donate money to the bushfire victims.

Meanwhile, members of the AFA have donated funds to an AFA foundation, which will be distributed to the victims.

ASFA is preparing to release a statement indicating to those affected by the bushfires the procedure for applying for early release of their superannuation while also advising victims to look at all of the emergency funding available to them, including insurances.

IFSA will also be contacting superannuation fund trustees to ensure the quick turn-around of claims.

IFSA will be liaising with the Victorian Coroner’s Office on behalf of members and will act as a contact point for affected Victorians who can’t determine who their insurer is, the group said.

“In the weeks and months ahead, families affected will be in desperate need of financial assistance and in response, the life insurance industry has quickly moved to put in place measures to fast track the payment of life, income protection, disability or critical illness claims,” IFSA chief executive Richard Gilbert said.

In addition, IFSA member companies have donated more than $7 million to various appeals and many insurers have put in place 'dollar for dollar' staff donation matching programmes.

The NIA has commenced a register of members who will offer pro-bono accounting and business advice to the communities involved.

According to the NIA, more than 81 of the 2,200 Victorian accountants have offered their services since launching the online register yesterday, with this number expected to rise.

Local businesses are often the backbone of regional communities and an important phase in the recovery effort is ensuring these businesses are re-opened, NIA chief executive Roger Cotton said.

NIA members can provide general business and accounting advice to assist in liaison with the Australian Taxation Office, licensing and registration bodies, record recovery and general business and basic legal advice, Cotton said.

The FPA is encouraging people affected by the fires and who want to seek advice regarding their current financial situation to call the referral service (1800 626 393) to arrange to speak with a financial planner free of charge.