FPA urges consideration of Self-Regulatory Organisations
The Financial Planning Association (FPA) has sought to press the case for so-called Self-Regulatory Organisations (SROs) in its submission lodged with the Government's Financial System Review.
The submission points to overseas experience with SROs and argues that the Government's inquiry should consider the role and implementation of SROs in Australian financial regulation.
"Without recommending particular policy options at this early stage in the inquiry, it is important and timely to reconsider the role of SROs, as depending on their scope, structure and responsibilities they can deliver different economic, social and cultural outcomes," the FPA submission said.
It said their most valuable characteristic was their potential to develop and promote ethics, professionalism, and transparency — "all of which would serve the financial sector and the national interest".
The FPA submission has also argued for clarity and guidance around what the inquiry regards as constituting the "end user" of the Australian financial regulatory system in circumstances, in situations where the inquiry terms of reference did not seem to contemplate the competing interests of stakeholders in the system.
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