FoFA compliance listed as a main business challenge
FPA launches ‘Bulletproof Financial Planning’ campaign to support members. Recent research shows that FoFA compliance and cost of regulation are the main challenges for financial planners and financial planning businesses in the current environment.
Over half of all financial planners (53 per cent) cited FoFA compliance as a main challenge they are currently facing, with 47 per cent specifically highlighting amending the business model for FoFA compliance as a current business challenge. Meanwhile, 61 per cent said the cost of regulation was a key hurdle.1
In response to these findings, and in preparation of the implementation of the FoFA regulations, the Financial Planning Association (FPA) has built a campaign called ‘Bulletproof Financial Planning’, to support members by promoting best practice in financial planning.
Mark Rantall, CEO of the FPA said:
“We are continuously in discussions with our FPA community to find out what is concerning members and keeping business owners awake at night. We are aware that many financial planners are feeling anxious ahead of the implementation of FoFA as they are unsure of what it will mean for them and their businesses. In order to support our community, the FPA has set up the ‘Bulletproof Financial Planning’ initiative that aims to ensure members are fully supported throughout the FoFA implementation process to provide best practice advice.”
Kicking off the ‘Bulletproof Financial Planning’ campaign is a members only webinar series for both individual practitioners and professional practices on topics such as: Best Interests Duty; Scaled Advice; and The post-FoFA Professional Practice. Each webinar is set to take place over lunchtime for accessibility and the first webinar takes place on 12 February. To sign up for a webinar, click here.
“There has been an outstanding response to the webinar series – the first webinar is fully booked and available spaces in the others are filling up fast. This highlights that financial planners are eager to be prepared to provide best practice advice under the FoFA regulations. We encourage all planners to make the most of these tools now instead of waiting until July 2013 and finding yourself under more pressure,” said Rantall.
As well as online forums, the FPA will launch national roadshows for members to be held from late April through to early June as part of the ‘Bulletproof Financial Planning’ campaign. This will be another opportunity for members to ask questions in relation to the implementation of FoFA regulations and to receive an educational toolkit.
“The original intent of FoFA was to improve transparency of, and access to, financial advice for all Australians. The FPA supports this intention and supports members through these changes to ensure the best outcome for consumers,” concluded Rantall.
1 Investment Trends FPA Professional Dividend Report September 2012