The results of our latest poll suggest the while advisers generally support the Government’s last-minute opt-in exemption, they remain cautious.
As we publish this story, 64% of advisers have voted yes to our question:
Do you support the class order relief exemption on opt-in for advisers who are bound by a code of conduct?
The 64% who voted yes represent the silent majority of advisers. The remaining 36% are either unsure about whether they agree with the exemption, or they oppose it (see: Opt-in Class Relief Offered).
Even though there is majority support for the exemption, the prevailing adviser mood, based on the comments we have received, reflect uncertainty, caution and/or scepticism regarding the opt-in exemption. One adviser said:
It is a bit hard to vote on a code of conduct where the details have not been spelt out. I voted unsure, as the basis of decision making is built around the principle of understanding what it is we are voting for.
Addressing the underlying principle of opt-in, another adviser said:
Patching a bad law does not change it to a good law.
Some have raised the question of what will be required by the Government’s regulator, ASIC, when it determines what constitutes an acceptable code of conduct, while others believe the implementation of acceptable codes of conduct will drive up the cost of advice:
… everyone who wants to keep a professional designation will need to comply with the Association Code and, no doubt, pay extra fees to cover the cost
What is your position of the opt-in exemption? Our poll remains open for another week and we are keen for you to add your vote and share your views…
There’s not enough detail on the “code of conduct” option ie will there be a choice of industry bodies available.
If it’s only the FPA code of conduct that’s acceptable, then my answer is a resounding no. The FPA have changed their focus from looking after advisers, in general, to looking after CFPs and principal members. Plus, they have their own isissues with managing individual’s privacy.
I second Gayle.
The FPA is about looking after the FPA!
I am CFP Qualified but refuse to “pay” FPA just to be recognized!
Secondly- how easily we all lose focus- the intent of FoFA is being missed completely. FoFA is going to wreck this industry- MOST clients will be priced out of advice, many advisers will move on AND the “storms” out there will just keep happening.
We dont know what the FPA agreed to with the ISN to get to this agreement. Naturally, the FPA will use this secrecy to try to claw back lost members.
Is there a difference between the FPA and the FSC ?
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