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

Policy Issues


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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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 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. The FPA produced a 2019 RoadShow Booklet: Helping you understand the FASEA […]

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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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Protection of the term Financial Planner/Financial Adviser

After over a decade of advocacy by the FPA, the use of the terms financial planner and financial adviser are restricted within the law to those authorised to provide financial advice and listed on the ASIC register. To be listed on the Register an individual must meet the new education and experience standards, pass an […]

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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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