{"id":7206,"date":"2010-07-28T09:59:24","date_gmt":"2010-07-27T23:59:24","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=7206"},"modified":"2020-02-06T08:11:04","modified_gmt":"2020-02-05T21:11:04","slug":"new-fpa-chief-determined-to-act-in-interests-of-members","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2010\/07\/28\/new-fpa-chief-determined-to-act-in-interests-of-members\/","title":{"rendered":"New FPA Chief Determined to Act in Interests of Members"},"content":{"rendered":"

New FPA<\/a> CEO, Mark Rantall<\/strong>,\u00a0says he is determined to represent the interests of his members as he navigates the Association’s path through the current array of industry reform debates.<\/p>\n

Mr Rantall shared his views with riskinfo on several key topics, following his earlier declaration of continued support by the Association for retaining the payment of\u00a0commissions to planners for life insurance and income protection advice.<\/p>\n

While Mr Rantall supports the FPA’s remuneration policy position to\u00a0ban investment and superannuation commissions for its members from 1 July 2012, irrespective of proposed reforms tabled by the Government, he sees life insurance products as a distinctly different proposition.<\/p>\n

\"New<\/a>
New FPA CEO Mark Rantall<\/figcaption><\/figure>\n

Under life insurance products,\u00a0Mr Rantall believes the client has greater control over the adviser continuing to receive remuneration.\u00a0 For example, he points out that a life insurance policy holder must continue to pay their premiums in order for the adviser to continue to receive their renewal commissions, but if the client stops contributing to their investment or superannuation account,\u00a0their adviser would usually continue to receive their annual commission renewals, regardless of whether any services are\u00a0provided.<\/p>\n

Mr Rantall shared a vision of the financial services industry in ten years as one in which:<\/p>\n

    \n
  • Public confidence has been restored in the industry<\/li>\n
  • Financial advisers are\u00a0perceived by consumers\u00a0as proud professionals<\/li>\n
  • There will be no ‘media circus’ surrounding the activities of any disreputable\u00a0planners<\/li>\n
  • Change and evolution are managed in a more\u00a0disciplined environment<\/li>\n<\/ul>\n

    It appears Mr Rantall will be\u00a0adopting a custodial approach to his tenure as FPA CEO.\u00a0 He\u00a0strongly disagrees the FPA’s agenda is driven in any way\u00a0by institutional members and speaks with\u00a0passion about his role as an advocate for advisers, ‘… fighting on their behalf every day…’<\/p>\n

    He\u00a0has confidence that most advisers will make a successful transition to a fee for service environment, believing it will be easier to make this transition than it will to continue to ‘…defend the indefensible…’ when it comes to conflict of interest issues, real or perceived, surrounding adviser commissions for investment and superannuation products.<\/p>\n

    Mr Rantall\u00a0supports the principle that appropriate insurance advice should underpin the foundations\u00a0of all financial plans, whether that advice is provided by the planner or outsourced to a risk specialist,\u00a0and sees the untold stories of what happens when there is no insurance or inadequate insurance in place as a powerful case to advance the cause of insurance and wealth protection amongst Australian consumers.<\/p>\n","protected":false},"excerpt":{"rendered":"

    New FPA CEO, Mark Rantall,\u00a0says he is determined to represent the interests of his members as he navigates the Association’s path through the current array of industry reform debates. Mr Rantall shared his views with riskinfo on several key topics, following his earlier declaration of continued support by the Association for retaining the payment of\u00a0commissions […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,3],"tags":[],"class_list":["post-7206","post","type-post","status-publish","format-standard","category-compliance-regulation","category-general"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/7206","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=7206"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/7206\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=7206"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=7206"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=7206"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}