The Financial Planning Association of Australia The Financial Planning Association of Australia

Policy Issues


Whistleblower protections

Ensuring there are appropriate whistleblower protections in place is vital to the development of the financial planning profession, preventing ‘bad apples’ from providing advice to consumers, and enhancing consumer confidence in the financial services industry more broadly. There are two concurrent consultations underway in relation to whistleblower protections: Government consultation paper – this consultation paper […]

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Retirement income products

The Government has released a discussion paper on a framework for the retirement phase of the superannuation system. The discussion paper is part of the Government’s response to the Financial System Inquiry and includes a proposed framework for facilitating trustees to offer ‘Comprehensive Income Products for Retirement’. Submissions are due by 28 April 2017. Read […]

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ASIC funding model

The Government has announced that it would introduce an industry funding model to recover the regulatory costs of ASIC though annual levies and fees-for-service, commencing in the second half of 2017. The Government’s most recent funding model proposes a flat rate for advisers, plus the relevant company levy. (This model has been simplified and reduced […]

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The use of restricted terms

The FPA has developed the following FAQ to help members understand the requirements for the use of the terms ‘independent’, ‘independently owned’ and ‘non-aligned’. When can I use the term ‘Independent’? The terms ‘independent’, ‘impartial’ and ‘unbiased’ are restricted under section 923A of the Corporations Act. To use these terms you must satisfy the following […]

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Changes to record-keeping obligations for Australian financial services licensees when giving personal advice

What is the existing record-keeping obligation? ASIC Class Order [14/923] Record-keeping obligations for Australian financial services licensees when giving personal advice (the ‘principal class order’) imposes specific record-keeping requirements for Australian Financial Services (AFS) licensees when the licensee or their representative gives personal advice to retail clients. AFS licensees must ensure that, in relation to […]

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Managed Discretionary Accounts (MDA)

RG 179: Managed Discretionary Accounts and ASIC Corporations (Managed Discretionary Account Services) Instrument 2016/968 sets out how ASIC will regulate the provision of MDAs to retail clients. We have put together an overview of ASIC’s regulatory approach focusing on the MDA services typically provided by financial planners. It is important that you read these regulatory […]

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Superannuation

The Government has implemented several superannuation reforms announced in the 2016 Federal Budget. It is important to become familiar with the changes and determine how they affect each client. Changes include: a reduction in both the concessional contributions cap and non–concessional contribution, the introduction of a Pension Transfer Balance Cap limiting tax-free earnings in the […]

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Federal Budget

Once again the FPA was present at the 2016 special Stakeholder’s “Budget Lock-Up”. Here are our insights on some of the expected, and unexpected measures. Superannuation tax concessions have been heavily tightened, with existing limits reduced and new caps introduced The tax exemption for earnings on assets supporting ‘transition to retirement’ income streams will be removed, […]

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Economic security for women in retirement

The FPA is pleased that the Senate Economics References Committee report on the economic security of women in retirement has, for the most part, followed our recommendations. Specifically, the Committee has recommended that: The Superannuation Guarantee be paid on the Commonwealth Paid Parental Leave Scheme; and that mechanisms for improving the retirement incomes of carers […]

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Education and professional standards requirements

In its response to the FSI, the government agreed to support recommendations that improve trust and confidence in the financial planning profession, including: The establishment of an independent standard setting body, operational from 1 July 2016 that will set education standards, professional year and continuing professional development (CPD) requirements. New financial advisers will require a […]

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