Planners wait and see on codes
New research suggests many financial advisers are far from committed to signing up to codes of conduct to obviate the need for opt-in.
Preliminary results of research undertaken by Wealth Insights has revealed up to a third of planners have decided they will likely not be signing up to a code of conduct, while a further third are undecided about the merits of doing so.
The survey results, which are regarded as very preliminary, appear to reflect a belief that the requirements embedded in the codes of conduct likely to be approved by the Australian Securities and Investments Commission (ASIC) are just as onerous as the two-year opt-in arrangements which are part of the Future of Financial Advice (FOFA) changes.
As well, there appears to be a strong belief among some financial planners that a Coalition victory at the forthcoming Federal Election will see the removal of the opt-in provisions as a factor in the FOFA changes.
The Opposition spokesman on Financial Services and Superannuation, Senator Mathias Cormann, has listed opt-in as one of the FOFA measures which would be repealed under a Coalition Government.
Commenting on the survey findings, Premium Wealth Management chief executive Paul Harding-Davis said he believed it reflected the reality of the industry, with many planners aware of the underlying timetables and therefore choosing to take a wait-and-see approach.
"It's a very rational outcome given the timeframes," he said.
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