Real action needed on financial literacy, says FPA

The Financial Planning Association (FPA) has called upon both parties to commit to promoting financial advice as it would result in "an informed nation of financially enabled Australians".

Chief executive officer of the FPA, Mark Rantall, pointed to research showing consumers who receive quality financial advice were better equipped to support themselves in retirement and were more likely to contribute to a fiscally stronger nation throughout their lifetime.

Rantall said financial planners are offering to work with the incoming government to remove "unnecessary red tape" and identify the impediments to delivering advice to more people.

Specifically, the FPA is calling for the Government to fix the anomaly in grandfathering provisions which is preventing planners from changing licensees without losing the provisions; address the duplication of regulation under the Australian Securities and Investments Commission and Tax Practitioners Board with regards to the Tax Agent Services Act; remove the opt-in requirement and simplify the fee disclosure statement and best interest duty.

"Whichever party wins the September poll, the FPA calls on the incoming government to roll back the marginal electorate rhetoric and pick up the pace on real measures that ensure the financial wellbeing of all Australians is put first," Rantall said.

"It is high time for all participants — from Government and all players within the Australian financial services ecosystem — to support and promote the benefits of getting quality advice from qualified professional financial planners," Rantall said.