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
Licensing regulation should prioritise consumer outcomes over institutional convenience, according to Assured Support, and the compliance firm has suggested an alternative framework to the “licensed and self-licensed” model.
The chair of the Platinum Capital listed investment company admits the vehicle “is at a crossroads” in its 31-year history, with both L1 Capital and Wilson Asset Management bidding to take over its investment management.
AMP has settled on two court proceedings: one class action which affected superannuation members and a second regarding insurer policies.
With a large group of advisers expecting to exit before the 2026 education deadline, an industry expert shares how these practices can best prepare themselves for sale to compete in a “buyer’s market”.
