Document hints at FOFA deal

FPA/fpa-chief-executive/financial-planners/financial-planning-association/FOFA/industry-super-network/financial-advice/money-management/chief-executive/government/

21 March 2012
| By Staff |
image
image
expand image

On the eve of the Federal Parliament voting on the Future of Financial Advice (FOFA) changes, a document has been circulated purporting to be a joint position between the Financial Planning Association (FPA) and the Industry Super Network (ISN) trading agreement to opt-in for a range of concessions to financial planners, including exclusive use of the term 'financial planner'.

FPA chief executive Mark Rantall has denied any change to the FPA's approach to FOFA, particularly with respect to opt-in.

He said the FPA's position remained unchanged from that put to the independents in the House of Representatives last week.

The document suggests opt-in only apply to new clients and that provided financial planners meet all their professional requirements in adhering to opt-in for four years they will be granted class order relief from opt-in thereafter.

Financial planners not meeting professional standards would not get the relief.

Money Management has viewed the document which not only goes to the trade-off around opt-in being in place for a period of at least four years, but is conditional on the Government agreeing to legislation enshrining the term "financial planner" in law and changes to the best interests test.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 1 week ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks 2 days ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

2 weeks 1 day ago

One licensee has lost 27 advisers in the past week, now sitting at zero, according to the latest Wealth Data figures....

3 weeks 2 days ago

TOP PERFORMING FUNDS