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

FPA welcomes Federal Government public register of advisers

“Access to key information about planners will improve trust in financial planning”

The Financial Planning Association (FPA) welcomes today’s announcement that the Government will establish an enhanced, industry-wide public register of financial planners.

Mark Rantall, CEO of the FPA, said: “Access to key information about planners will improve trust in financial planning. This register provides better consumer protection. When you go to a financial planner you have the right to know you can trust the person you choose. This is a big step in the right direction.

“The register will help people identify licensed financial planners with the best credentials. It will also help weed out bad apples and provide protection for licensees, employers and Australians seeking financial advice.

Public education
“Of course for the register to actually work consumers have to know why the information on the register matters, where to find it, and how to use it. For it to be fully effective it must be promoted.

“This means a joint public education effort by financial planning businesses, government and industry associations. We look forward to working with the Government and financial planning licensees to ensure that when people search for a planner they are able to find, and use, the register.”

FPA 10 Point Plan
“The register is an important advance for the profession of financial planning. This is in line with the call we made in May 2014 in our 10 Point Plan. It will also make it easier for consumers to find a planner with the right qualifications (CERTIFIED FINANCIAL PLANNER®) and membership.

“Membership of a professional body such as the FPA, which has its own strict guidelines, qualification requirements and codes of ethical practice, forms a key factor in a planner’s registration status. Having this information means you can know the planner you are dealing with is someone who will act in your best interest and adhere to a code of conduct,” Mr Rantall concluded.