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

Policy Issues


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 […]

Read More

Superannuation

On 15 September 2016, the Government announced significant changes to the proposed superannuation reforms, providing clarity and certainty for financial planners and clients around Superannuation. The news that the retrospective $500,000 lifetime non-concessional cap has been removed is something the FPA has been actively advocating for on behalf of members since the Federal Budget. Below are […]

Read More

Where they stand – financial services policies of the major and minor parties

With so much political noise following the federal election and uncertainty about the influence of independents and the minor parties, we’ve summarised the key financial services policies of political parties and independents who have won (or seem likely to win) parliamentary seats, to help you and your clients make informed decisions. Our comparison covers everything […]

Read More

Federal Budget

Once again the FPA was present at this year’s 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, […]

Read More

Economic security for women in retirement

The Senate Economics References Committee has released its report on the economic security of women in retirement. The FPA is pleased that the committee 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 […]

Read More

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 […]

Read More

Protection of the term Financial Planner/Financial Adviser

After years of advocacy by the FPA, the government has committed to restricting use of the terms financial planner/adviser to those listed on the ASIC Financial Adviser Register. To be listed on the Register an individual must meet the new education and experience standards, pass an exam, and adhere to a Code of Conduct. This […]

Read More

Product regulation and ASIC powers

In its response to the Financial Systems Inquiry, the government agreed to support the recommendations for ASIC to have the tools to better prevent bad products entering the market, and introduce new accountability obligations on product manufacturers. This includes supporting the recommendation to strengthen product issuer and distributor accountability, and the introduction of product intervention […]

Read More

Financial System Inquiry

Government response to the FSI Report on Tuesday 20 October 2015 represents yet another milestone in our journey to becoming a widely respected profession. Whilst we await further detail on some of these areas, we welcome the announcement, particularly the restriction of the term Financial Planner / Financial Adviser. Protection of the term Financial Planner […]

Read More

PJC Inquiry into education and professional standards

On 19 December 2014, the Joint Committee on Corporations and Financial Services released the report of the Inquiry into proposals to lift the professional, ethical and education standards in the financial services industry. The PJC Inquiry Report recommendations include: A minimum degree qualification for all new financial planners The Finance Professionals Education Council (FPEC) to […]

Read More