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

Policy Issues


Education and professional standards requirements

On 20 March 2018, the Financial Adviser Standards and Ethics Authority (FASEA) provided new draft guidance on their proposed education standards for financial advisers and a proposed Code of Ethics. Consultation on the Code of Ethics closes on 1 June and consultation on the proposed education standards closes on 29 June. FPA documents to help […]

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Royal Commission into misconduct in the banking, superannuation and financial services industry

On 30 November 2017, the Government announced a Royal Commission (RC) into misconduct in the banking, superannuation and financial services industry. Former High Court Judge the Honourable Kenneth Madison Hayne AC has been appointed as Royal Commissioner. Proposed terms of reference The draft terms of reference require the Commission to inquire into certain matters, including: the […]

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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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Life Insurance

Parliamentary Inquiry into Life Insurance On 27 March 2018, the Parliamentary Joint Committee on Corporations and Financial Services released its Report on its inquiry into the life insurance industry. The Committee’s recommendations include: Financial Adviser audits – ASIC conduct random audits of 20 per cent of the life insurance adviser population over a three year […]

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Retirement income products

Comprehensive Income Products in Retirement (CIPRs) The FPA provided a submission to Treasury in response to its consultation paper on the development of a framework for Comprehensive Income Products in Retirement (CIPRs). Our key recommendations were for Government to ensure: the superannuation, tax and social security laws were flexible to permit appropriate product development, consumer […]

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ASIC industry funding model

Ahead of issuing final industry funding invoices in January 2019, ASIC has published estimates of what regulated sectors will pay under the new Industry Funding Model. Read ASIC’s media release here Read ASIC’s full report here. Read ASIC’s fact sheet covering key information on industry funding. A new obligation for ASIC’s regulated population Between July […]

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Product regulation and ASIC powers

  The Government has released a consultation paper on two key proposals from the Financial System Inquiry: design and distribution obligations for financial product issuers and distributors product intervention powers for ASIC to enable the regulator to intervene where a product is identified as creating a risk of significant consumer detriment. The FPA has strongly […]

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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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Tax Agent Services (TASA)

If you provide a tax (financial) advice service for a fee, you are required to register with the Tax Practitioners Board (TPB). As the three year transition period for TASA has ceased, if you are registering for the first time you are now required to register with the TPB under the standard registration option. If […]

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Superannuation

The ATO has released a range of the materials to assist financial planners and clients with the superannuation changes commencing 1 July 2017. Two videos with ATO Superannuation Deputy Commissioner James O’Halloran discussing the key things individuals and SMSFs need to be aware of before 1 July. Information sheets: Key things advisers should consider when […]

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