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

FPA responds to ABC Four Corners ‘Money for Nothing’ report


As the peak representative body for the financial planning profession, the Financial Planning Association (FPA) of Australia is unequivocal in its response to the important program that aired on ABC Four Corners on Monday 23 July.

The FPA does not condone any situation where a client is charged fees for no service or given advice that is not in the best interest of the client. This sort of behaviour is a breach of the FPA Code of Ethics and Professional Practice, and against any measure of common decency.

A professional financial planner or practice is expected to know the law, abide by the law, and put their clients’ interests first. The professional obligations that must be upheld by all financial planners who are members of the FPA are captured in the eight principles of the FPA Code of Ethics which can be found here.

To the Australian public, you are legally and ethically entitled to get what you pay for with any professional service engagement. If you suspect or know misconduct has happened there are several ways you can lodge a complaint — and we absolutely, unreservedly encourage you to do so.

By reporting suspected misconduct, we collectively support each other to insist financial planners adhere to their professional obligations.

As a starting point, the Australian Securities and Investments Commission (ASIC) is Australia’s corporate regulator. ASIC’s role is to enforce and regulate company and financial services laws to protect Australian consumers, investors and creditors. The ASIC website has information on how to lodge a complaint against individuals, companies, or organisation here.

The FPA represents over 14,000 professional financial planners across Australia who are expected to comply to the highest standard of professional conduct.

If any FPA member — be it a professional practice or individual — is perceived to let down its peers and the public by not adhering to our FPA Code of Ethics, we encourage anyone, be it a member of the public, FPA member, or any individual, to report it via any of the following channels:

  • Make an anonymous complaint via the FPA Confidential reporting service (run independently by Deloitte Touche Tohmatsu).
  • Lodge a written complaint via this form on the FPA website.
  • Contact the FPA Professional Standards team on 1300 626 393 or by email at [email protected]

Finally, to all the financial planners in Australia doing the right thing, and transforming lives for the better with sound, well-informed, best practice, ethical financial advice: keep up the good work. You are standing with Australians for a better financial future.

 

Kind regards,

Dante De Gori CFP®

CEO