Give planners a break, FPA urges
The financial planning profession needs time to regroup before any further reform is explored, an industry body believes.
The Financial Planning Association (FPA) has urged the Government to press "pause" on plans to investigate the sector, with the fallout from the Future of Financial Advice (FOFA) reforms still lingering.
FPA chief executive Mark Rantall said the profession had already been through one of the "most comprehensive" sector reforms — and further delving could have a destabilising effect.
"We encourage a sensible timeframe for our sector to bed down its FOFA obligations, and work to fine-tune a workable approach to reduce costs, improve consumer protection and deliver best interest advice that is affordable to more Australians," he said.
Nonetheless, the FPA welcomed the release of the Murray Inquiry terms of reference and said it would consider providing input in the interest of flexibility.
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