FPA lauds code consultation process
The Financial Planning Association (FPA) says it has received "generous support" in terms of feedback from members and other industry participants in updating its code of professional practice for members.
The FPA released a revised code in October (updated from the code devised in 2009), opening a six-week consultation period that has recently concluded.
FPA general manager, policy and standards, Dante De Gori said the response "highlights that this is an important subject for our membership and we believe that it will address some of the challenges posed by [Future of Financial Advice reforms] and support our members through that process".
The FPA said it expected final board approval on changes to the code early in 2013, and it would then submit the revised code to the Australian Securities and Investments Commission for approval.
"The FPA also had great participation from key stakeholders including ASIC, [the Financial Ombudsman Service], the licensee community and key consumer groups including Choice.
In addition, we continue with our ongoing engagement with the Government and the Opposition, discussing our proposals for the new FPA Code," De Gori said.
The FPA said it is also developing a range of support materials including educational webinars, user guides and videos which will provide support on use of the code of professional practice in the lead-up to the 1 July 2013 FOFA implementation deadline.
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.
