News

For over a decade, the Financial Planning Association (FPA) has been calling for enshrinement of the term ‘financial planner’ for the protection of consumers and last night, the bill was passed in the federal House of Representatives. Dante De Gori, General Manager Policy & Standards for the FPA said: “This is a historic day for all Australians – the FPA called for enshrinement of the term ‘financial planner / adviser’ to allow consumers better clarity in identifying a trusted professional. The passing of the bill is a significant step in strengthening consumer protection and increasing trust in the profession. “The

The terms “financial planner / adviser” are one step closer to enshrinement under law following the overnight tabling of a Parliamentary Joint Committee (PJC) report in Canberra. The PJC was asked to review and provide a report on the benefits of enshrining the terms “financial planner / adviser” for Australian consumers. The Government will now consider the report and its recommendations and decide whether to proceed with the passage of the Bill unchanged or make amendments. With the Coalition confirming that it will not oppose the Bill in parliament. Mark Rantall, FPA CEO said: “The FPA applauds the PJC members

Tonight’s Federal Budget announcement avoided further big ticket superannuation system tinkering – a point welcomed by the Financial Planning Association (FPA). The FPA also welcomes positive changes announced in respect of the raising of superannuation caps, as recommended by the FPA in its pre-Budget submission. The cap on concessional limits to superannuation will be raised to $35,000 for 60 year olds from 1 July 2013 and will be again raised to $35,000 for 50 year olds in July 2014. The excess contribution tax rate will also be changed to reflect personal marginal tax rates, a move welcomed by the FPA.

Michelle Tate-Lovery CFP®, held a client event as part of her prize as National and Victorian State Winner of the CFP® professional category that she was presented with at the National Best Practice Awards in Melbourne in December last year. Michelle Tate Lovery with her award and FPA Board Member Peter O’Toole. As part of Michelle’s prize as National Winner was an exclusive client event for her practice Unified Financial Services (UFS) to the value of $5000 and support from the FPA. Over 120 clients enjoyed the dinner and dance which was held on April 27 to celebrate “50 years

The Financial Planning Association (FPA) welcomes the new faces of financial planning to the professional body after already breaking 1,000 new members in financial year 2012-2013. Female financial planners represent 32% of the new membership; Generation X represents 48%; and Generation Y represents an overwhelming 40%. Mark Rantall, CEO of the FPA believes the new members represent the new face of financial planning the future of where the profession is heading and these demographics highlight a change that is occurring in the profession. Rantall said: “We are motivated by the on boarding of these new faces of financial planning and

The Financial Planning Association (FPA) has responded to the long awaited Government responses to the Parliamentary Joint Committee (PJC) Trio inquiry and the Richard St John report on Friday. The Government has responded to the PJC inquiry recommendations into the collapse of Trio specifically around the need for clear and understandable warnings and guidance to SMSF trustees and investors. The FPA supports the PJC inquiry recommendations and the Government’s response to these recommendations. Mark Rantall, CEO of the FPA said: “The FPA supports all recommendations that aim to improve access to and transparency of financial advice for all Australians. We

The Financial Planning Association (FPA) welcomes the Government bringing forward their announcement on the changes to the superannuation system. Mark Rantall, CEO of the FPA said: “We believe it is critical for Australians to have certainty and to maintain confidence in one of the best retirement systems in the world. We welcome the Government on bringing forward today’s announcement and hope that it will look to address current concerns for Australians around sustainability, equity and confidence in the superannuation system. “We applaud the establishment of the Council of Superannuation Custodians and hope that this will serve to remove superannuation from

“Bulletproof Financial Planning” campaign sees strong response from FPA members. Feedback from the latest stage of the Financial Planning Association’s (FPA) ‘Bulletproof Financial Planning’ campaign, the FPA webinar series, indicates that FoFA compliance and understanding of implementation continue to be main concerns for financial planners. The FPA member-only webinar series, which concluded last month, aimed to help individual practitioners and professional practices prepare for the impending FoFA regulations. The webinars featured a cross section of industry experts each presenting insights and advice to equip FPA members to continue to provide best practice advice throughout the FoFA implementation process. The webinars

The Financial Planning Association (FPA) has welcomed the government’s introduction of the legislation for enshrining the term “Financial Planner/ Adviser” into law today in Australia. Mark Rantall, CEO of the FPA said: “This is a historic day for financial planning and for all Australians. The FPA has long called for ‘truth in labelling’ for the protection of consumers. The tabling of the legislation from the government responds to those calls. We welcome the introduction of the legislation and thank Minister Shorten for honouring his commitment.” The FPA has led the pathway to professionalism in the financial planning industry and the

FPA Chair Matthew Rowe talks about the changes within the profession, and what lies ahead for the coming year. Dear Professional Colleague, I write to you in a year which will be the most significant of the 20 year history of our professional association. We each understand the enormity of change occurring on many fronts – legislative, economic, political, technological and structural – and the various impacts these changes will have. But 2013 will not be remembered for these many changes. Nor will it be remembered for the many responses, reactions and points of view. It will be remembered for