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

Election is an opportunity to secure financial security for all Australians

FPA calls on political parties to avoid election sloganeering and elevate genuine nation building from the ground up.

With the September 7 federal election in full swing, the Financial Planning Association of Australia (FPA) has called upon major political parties to deliver a clear policy focus in support of an informed nation of financially enabled Australians.

Mark Rantall, CEO of the FPA said: “The clear evidence is that people who receive quality financial advice are better equipped to self-support, are more likely to contribute to a fiscally stronger nation throughout their lifetime, and will retire with greater dignity and less reliance on the public purse.

“Whichever party wins the September poll, the FPA calls on the incoming government to roll back the marginal electorate rhetoric and pick up the pace on real measures that ensure the financial wellbeing of all Australians is put first.

“We seek commitments that the new Government of the 44th parliament will act in the long-term interests of Australians by creating a more efficient and flexible financial advice market that prioritises the interests of all citizens and their long-term future wellbeing

“As Australia’s most motivated profession, financial planners will work tirelessly with the incoming government to remove unnecessary red tape and identify the impediments to delivering quality financial planning and advice services to more Australians who need it.”

Specifically, the FPA calls for a systematic approach which:

  • ensures financial planners are free to move to licensees that suit their clients’ needs through fixing the glaring anomaly in grandfathering provisions;
  • ensures that the duplication of registration under Tax Practitioners Board as well as ASIC does not mean duplication of competency standards, currently being created;
  • removes unnecessary red tape by extinguishing the opt-in requirement and simplifying both fee disclosure statements and best interest duty to ensure that any additional unnecessary paperwork is removed.

“It is time to get real on real issues which have a real impact on the lives of Australians. This fledgling industry of financial planning has copped a torturous period of regulatory reform on the chin.

“It is high time for all participants – from government and all players within the Australian financial services ecosystem – to support and promote the benefits of getting quality advice from qualified professional financial planners,” Mr Rantall said.

The FPA works to provide a stable profession of qualified certified financial planners acting to rebuild consumer confidence through the delivery of a vital service in the national interest.