FPA to participate in super review


Nick Sherry
The Financial Planning Association (FPA) has declared it will participate in any review of the superannuation system.
Reacting to reports that the Minister for Superannuation and Corporate Law, Senator Nick Sherry, is proposing such a review, including an examination of the role of financial planning, the FPA’s deputy chief executive, Deen Sanders, said that, for too long, the remuneration debate had been distracted and misinformed.
He said that, often, vested interests had seemed intent on scaring Australians away from accessing the professional advice that was desperately needed.
“The FPA has long held the view that affordable advice has been elusive for many Australians,” Sanders said. “Any review that deals with all the issues that have served to undermine good advice is going to be of great benefit to everyone because it will improve understanding about the way financial planners work, the benefits of professional advice and also the rights of consumers.”
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.