The Financial Planning Association (FPA) has announced the establishment of a new taskforce designed to engage with the Federal Treasury on all elements of the Government’s Future of Financial Advice reform proposals.
The Association says its Future of Financial Advice Taskforce will be building strong positions on each of the reform proposals that affect planners, with a view to ‘… ensuring members voices are clearly and directly carried through to government.’
FPA Acting CEO, Deen Sanders, said the Taskforce will be dedicated to the specific reform proposals announced by Financial Services Minister, Chris Bowen, and will be working on the same consultation streams that
Treasury nominate:
“The streams will allow us to target some specific areas of concern as part of the consultation process,” said Mr Sanders, who added that these areas included issues surrounding:
- The annual ‘opt-in’ renewal process
- The definition of Fiduciary Duty
- The establishment of the Expert Advisory Panel
- Intra-Fund advice
- The removal of barriers to efficient and effective advice
“We know that some of those views are not going to be comfortable for government,” said Mr Sanders, “… but we will make sure they hear that members are very concerned about the potential consumer and industry detriment that will arise out of some of these reform proposals.”
The FPA says its consultation program with Treasury will start shortly, with public information sessions to be held in all mainland state capitals.
Advisers and others can click hereto access more details about these public information sessions, and/or can send an email to the FoFA Taskforce at: futureofadvice@fpa.asn.au.
