FPA Disappointed in SEC Recommendations

The Financial Planning Association (FPA) has called on MPs to take industry recommendations into account when debating the Future of Financial Advice (FoFA) Bills in Parliament this fortnight.

The FPA expressed its disappointment at the recommendations outlined in the Senate Economics Committee (SEC) report into the FoFA Bills, tabled on 14 March, saying that most of the industry insight provided during the review process has not been reflected in the final report.

“The FPA has been very consistent and clear about what amendments we feel are needed to better FoFA and actually deliver on the intent and objectives,” said Mark Rantall, FPA CEO.  “We have more recently provided these key amendments through individual letters to each MP as Parliament prepares to debate the respective FoFA Bills during this sitting period.

…key industry recommendations have not been considered in the PJC or SEC reports

“We hope that, whilst key industry recommendations have not been considered in the PJC or SEC reports, they are taken into account during the government debate on FoFA in the coming days.”

Mr Rantall said that regardless of the outcome of the debate, it would continue to raise professional standards through its own policies and Code of Professional Practice.

“The number one principle in the FPA Code of Professional Practice requires members to place the interests of their clients ahead of their own; and FPA practitioner members all work to higher professional standards than required by law.

“The original intent of FoFA was to improve financial advice for all Australians.  We believe the FPA has kept to that intent and we hope that this is what the government delivers on.”