FPA welcomes regulatory support of its ten point plan
The Financial Planning Association of Australia (FPA) has welcomed ASIC’s backing of its 10-point plan, saying it hopes that government policy will follow suit and reflect support.
Mark Rantall, FPA CEO, noted comments made by ASIC commissioner and deputy chair Peter Kell, as reported in today’s media, which called out the FPA’s plan as a positive step forward, particularly noting its commitment to raising industry standards and promoting professionalism.
“We are very pleased to see that ASIC has acknowledged the work we are doing to promote higher professional standards for the financial planning industry as well as working to ensure better advice outcomes for the end consumer.”
“We will continue to work with the government, and industry and regulatory bodies, to ensure that the journey towards professionalism that we started back in 2009, when we banned our members from receiving commission payments on investment and superannuation products, is completed.
“Our ultimate aim is to ensure that the best interest of Australian consumers is continually upheld,” said FPA CEO Mark Rantall.
While ASIC called out its broad approval of the FPA 10 Point Plan, media coverage today called out particular support around a full adviser register and raising minimum education standards for financial planners.