Planners blamed for sins of accountants
The deputy chief executive of the Financial Planning Association (FPA) has confirmed that a media report yesterday pointing to corporate regulator raids on financial planners was inaccurate.
“We have confirmed that these are not FPA members or financial planners as we would know them,” FPA deputy chief executive Deen Sanders said.
“We understand they promote their businesses as accounting businesses.”
A report on the front page of the Sydney Morning Herald yesterday pointed to raids on the homes and offices of financial planners by the Australian Securities and Investments Commission.
Sanders said it was “another example of the way that the current law creates confusion around the professional participants in industry”. Sanders said the FPA is “seeking reform in this space”.
The FPA would like to see the term ‘financial planner’ become a prescribed term with the aim of helping consumers and the media identify financial planners from other types of participants in the financial services industry.
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