FPA/AFA join forces on regulatory reform
The Financial Planning Association (FPA) and the Association of Financial Advisers (AFA) are to join together to push regulatory reform of the financial services industry.
FPA chief executive Jo-Anne Bloch said it was important for the associations to stand together to improve the financial services industry for financial planners and consumers.
Chief executive of the AFA Richard Klipin said both bodies would like to see improvements to existing regulation to protect consumers and boost financial planner education.
Both financial planning bodies have made separate submissions to the parliamentary inquiry into financial services and products, but they have made common recommendations in their submissions, including the need to restrict the use of a financial planner designation and the need to lift education levels in the industry.
Both Bloch and Klipin have previously said the efforts of the industry to communicate key policy messages to the Government were being undermined by disparate voices and "internal squabbling".
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