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
Sequoia Financial Group has declined by five financial advisers in the past week, four of whom have opened up a new AFSL, according to Wealth Data.
Insignia Financial chief executive Scott Hartley has detailed whether the firm will be selecting an exclusive bidder for the second phase of due diligence as it awaits revised bids from three private equity players.
Insignia Financial has reported a statutory net loss after tax of $17 million in its first half results, although the firm has noted cost optimisation means this is an improvement from a $50 million loss last year.
With alternative funds being described as “impossible” for fund managers to target towards advisers without the support of BDMs for education, Money Management explores the evolving nature of the distribution role.
