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

Policy Issues


Implementation of the Royal Commission recommendations

On Monday 4 February 2019, the Treasurer released the Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. The Government agreed to take action on all 76 recommendations contained in the Royal Commission’s Final Report and, in a number of important areas, go further. The Government has implemented […]

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Legislated professional standards

Overview of requirements The legislated professional standards in the Corporations Act require financial planners to: have an approved qualification pass the financial adviser exam participate in 40 hours of continuing professional development (CPD) each year comply with the Financial Planners and Advisers Code of Ethics 2019 (Code of Ethics). Anyone wanting to become a financial […]

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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

2022/2023 Federal Budget On Tuesday 29 March 2022, the Treasurer delivered the final Budget before the next Federal Election. The Government has announced support for families as the economy continues to recover from the pandemic and recent natural disasters. We have all the insights you need in this year’s FPA Budget Wrap, including changes impacting […]

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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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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

The FPA has been calling for effective product regulation for decades. The commencement of the product design and distribution obligations (DDO) and ASIC’s new product intervention powers on 5 October 2021 was a significant step forward for consumer protection and for financial planners. OVERVIEW OF DDO REGIME  Benefits of DDO regime: greater protections for consumers […]

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ASIC industry funding model

ADVICE LEVY FREEZE AND REVIEW   On 30 August 2021, the Minster announced temporary and targeted relief for financial advisers by reducing the ASIC levies charged for personal advice to retail clients restored to their 2018-19 level of $1,142 per adviser for the next two years (relating to 2020-21 and 2021-22). The flat per licensee […]

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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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