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

FPA response to deferral of Royal Commission recommendations due to COVID-19

The FPA welcomes the Government’s clarity on the timings around the measures the Government had indicated it would introduce into the Parliament by 30 June 2020. However, given the current uncertain environment, the FPA believes the Government should remain open to reviewing the timeline as we progress through the next stage of this global health and economic crisis.

Our members have been inundated in recent months, supporting not only existing clients but also providing the broader community with advice as many Australians find themselves in a financial situation they have never experienced before. Our members’ priority is to assist them in managing their financial position, which is second only to their health in personal importance.

We look forward to recommencing discussions with the Government about how some of the reforms could be better amended to reduce over regulation and red tape. There is a direct relationship between the rising cost of regulation, time constraints on financial planners and the ability of Australians to access advice.

While we broadly agree with the draft legislation on the Royal Commission recommendations, we do have real concerns for both the profession and consumers who we are seeking to serve.