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

Policy Issues


Registration on the Financial Adviser Register (FAR)

The new Single Disciplinary Body will be responsible for overseeing the register for relevant providers, which will be based on the existing Financial Adviser Register (FAR). An annual registration requirement for financial planners will commence on 1 January 2022 and includes a two stage registration process: Stage 1 – licensees are required to register planners […]

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Single Disciplinary Body

The FPA has long advocated for the removal of duplicative regulatory oversight, and the need to have just one government body to oversee the professional services of financial planner, set a single minimum entry requirement (education, experience and mentoring), a single mandatory code of ethics and other regulatory standards, and be the sole investigator of […]

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Federal Budget

Just seven months after the last budget, the Treasurer has delivered another round of support for the economy as it recovers from the pandemic-induced shock of 2020. The budget and economy are in better shape than expected and the Government has announced significant new spending in aged care, childcare, and the digital economy, plus tax […]

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Financial elder abuse

Financial elder abuse relates to situations where an older person experiences harm, distress or financial loss occurring within any relationship where there is an expectation of trust. It can also be the result of intentional or unintentional neglect. There is no doubt that financial elder abuse is devastating and harmful to the victims, their family […]

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FASEA

FASEA FASEA CODE OF ETHICS What you need to know about the FASEA Code of Ethics The Financial Planner and Financial Adviser Code of Ethics (the FASEA Code) commenced on 1 January 2020. It sets values and standards which financial planners must adhere to. In October 2019, FASEA released Guidance to clarify the meaning of the Code’s standards. Following […]

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Witnessing Statutory Declarations

On 18 September 2018, changes to the Statutory Regulations 2018 commenced which included financial planners/advisers as professionals permitted to act as authorised witnesses for a Commonwealth statutory declaration. As an authorised witness you must ensure any Statutory Declaration you witness meets the form and content requirements that are set out in Schedule 1 of the […]

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Product regulation and ASIC powers

  New product design and distribution obligations and ASIC’s new product intervention power will commence on 5 April 2021. The new product design and distribution regime requires: Design – product manufacturers to carefully consider the kind of consumers that their products are likely to be appropriate for, and to design and refine their products with […]

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ASIC industry funding model

ASIC operates on a cost recovery model. Based on the legislated model, the following levies may apply to financial advice licensees. Which levies apply will be dependent on the authorisations held on the AFS licence. Personal advice levy The model for licensees providing tier 1 personal financial advice (section 43) includes a fixed levy component […]

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‘independent’, ‘independently owned’ and ‘non-aligned’

The terms ‘independent’, ‘impartial’ and ‘unbiased’ (or any other words “of like import”) are restricted under section 923A of the Corporations Act. Based on legal advice, ASIC now also prohibits the use of the terms ‘independently owned’, ‘non-aligned’, or ‘non-institutionally owned’ if you do not meet all the conditions of under s923A of the Corporations […]

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Anti-Money Laundering & Counter Terrorism Financing

Financial Planning AML/CTF Risk Assessment In December 2016, Minister for Justice, Michael Keenan, released Australia’s first risk assessment report of money laundering and terrorism financing within the financial planning industry Australia’s financial planning industry raised $4.6 billion in revenue in 2016 and is accessed by one in five Australians, so it’s crucial that it is […]

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