FPA pins hope on collaborative action
The Financial Planning Association of Australia (FPA) is “very, very hopeful” that it will be able to achieve success in the Quality of Advice review by making a joint submission.
Speaking at the FPA roadshow in Sydney, chief executive, Sarah Abood, said the organisation had opted to join with 12 other organisations to make a joint submission.
This included the Association of Financial Advisers (AFA), FINSIA, CPA Australia and the Stockbrokers and Investment Advisers Association (SIAA).
Abood said: “This is a huge opportunity, we believe we have a better chance of being listened to and things being passed by the regulator and the Government if we are displaying how much we agree on. The 12 groups agree on a lot and I think we will be very hard to ignore.
“We are very, very hopeful that we will get good results.”
There were five areas, she said, that the joint submission would focus on; letting professionals be professional, regulatory certainty, sustainable profession and practices, open data and innovation, and client needs.
Some areas were already being explored by minister for financial services, Stephen Jones, and could be enacted earlier than the review concluded.
The FPA would still submit its own individual submission on areas where the parties disagreed such as individual licensing.
AUTHOR
Laura Dew
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025 with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
