FPA uses Comm FP troubles to prosecute case
The Financial Planning Association (FPA) has used the latest Australian Securities and Investments Commission (ASIC) action against Commonwealth Bank-owned planning groups to call for a separation of product sales and financial advice.
"What we need here is a surgical cut," FPA chief executive, Mark Rantall said.
He said that the Future of Financial Advice (FOFA) changes had begun as a set of ideals for the future of financial advice, but without formal moves to forever separate product from advice they served only to promote an opaque future.
Rantall said the FPA had its eye firmly on these remaining 30 days leading to an expected announcement from the Government on its final form of FoFA on June 17, and would be looking to turn FOFA into SOPA — a separation of product and advice.
He said the FPA would be unveiling a 10 point plan to create an enduring separation of product and advice in coming days.
Recommended for you
The director of Ascent Investment and Coaching, Michael Dunjey, has been charged with 33 criminal offences.
Adviser Ratings’ latest financial landscape report finds there is a demographic of advice practices achieving an average revenue of $5 million, with only 3 per cent of practices overall seeing a revenue decline.
The FAAA is calling for regulators to take a partnership approach with financial advisers regarding incoming legislation, rather than treating the industry as “guinea pigs”.
There have been strong numbers of returning advisers this year so far, according to Wealth Data, already surpassing the same period for 2024.
