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.
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