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

Policy Issues


Education and professional standards requirements

The Corporations Amendment (Professional Standards of Financial Advisers) Bill 2016 establishes a new education and professional standards framework for the financial planning profession which includes many measures of which the FPA has long advocated: The term financial planner/adviser will be enshrined in law. An independent standards setting body will be established from 1 July 2017, […]

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Life Insurance

Life insurance is a key part of every Australian’s financial planning. Its effective use provides significant benefits and peace of mind to Australian families, and reduces the cost to government. Life insurance remuneration reforms The Corporations Amendment (Life Insurance Remuneration Arrangements) Bill 2016 will commence on 1 January 2018, providing financial planners with certainty around […]

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Protection of the term Financial Planner/Financial Adviser

After over a decade of advocacy by the FPA, the use of the terms financial planner and financial adviser are restricted within the law to those authorised to provide financial advice and listed on the ASIC register. To be listed on the Register an individual must meet the new education and experience standards, pass an […]

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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 Australian Tax Office (ATO) has released guidance on a number of key topics to assist you to understand the superannuation changes and how they may apply to your clients. Each piece includes an explanation of the change, what needs to be done before 30 June 2017 and after 1 July 2017 and also includes […]

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