The FAAA is calling for a standard mandatory advice fee consent form on which all product providers, including superannuation funds, will be entitled to rely on.
The association’s CEO, Sarah Abood says the FAAA remains focused on achieving efficiency improvements for its members in the financial advice fee consent process.
She says the current lack of standardisation “…has made it a very inefficient and frustrating process for both advice businesses and consumers.
“We, along with other members of the Joint Associations Working Group, have provided feedback to Treasury to assist in the design of a standard mandatory form on which all product providers, including superannuation funds, will be entitled to rely.
Abood says standardisation of advice fee consent has been universally supported by its members and the licensees and businesses that support them.
…Ultimately, we would like to see a fully digital solution…
“Ultimately, we would like to see a fully digital solution that enables clients to authorise the payment of advice fees through an application on their phone.”
She adds that the association remains keen to work with all key stakeholders to achieve an outcome that is in the best interests of consumers.
“Moving to a consistent process will require an upfront investment by product providers. However, over time we expect this will deliver efficiencies for product providers as well.”
