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

Policy Issues


Aged Care

The Government’s My Aged Care website includes fee estimators for Home Care and Residential Care that allow people to estimate the amount they may need to contribute towards the cost of their residential care or home care package. Further information about aged care requirements and charges, as well as information materials, are available to download […]

Read More

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 […]

Read More

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 […]

Read More

Record keeping obligations

What is the existing record-keeping obligation? ASIC Class Order [14/923] Record-keeping obligations for Australian financial services licensees when giving personal advice (the ‘principal class order’) imposes specific record-keeping requirements for Australian Financial Services (AFS) licensees when the licensee or their representative gives personal advice to retail clients. AFS licensees must ensure that, in relation to […]

Read More

FoFA

The Future of Financial Advice (FoFA) reforms require financial planners and licensees to comply with the following measures: Best interests duty – The best interests duty, including the “catch-all” provision (961B(2)(g) and 961E) Opt-in – The opt-in regime applies to all new clients (those who you sign up on, or after 1 July 2013).* Fee […]

Read More

Managed Discretionary Accounts (MDA)

RG 179: Managed Discretionary Accounts and ASIC Corporations (Managed Discretionary Account Services) Instrument 2016/968 sets out how ASIC will regulate the provision of MDAs to retail clients. We have put together an overview of ASIC’s regulatory approach focusing on the MDA services typically provided by financial planners. It is important that you read these regulatory […]

Read More

Financial Planning Services for ADF members

Former and current members of the Australian Defence Force sometimes face complex decisions with respect to their financial affairs. As well as considering the additional risks and lifestyle factors that are relevant to veterans and current members, there is additional legislation that affects their entitlement to social security benefits and Government departments with which they […]

Read More

Economic security for women in retirement

The FPA is pleased that the Senate Economics References Committee report on the economic security of women in retirement has, for the most part, followed our recommendations. Specifically, the Committee has recommended that: The Superannuation Guarantee be paid on the Commonwealth Paid Parental Leave Scheme; and that mechanisms for improving the retirement incomes of carers […]

Read More

Federal Budget

The 2018-19 Federal Budget, handed down tonight by the Treasurer, has focused more on minor adjustments than sweeping reforms. There are still many important measures which will support financial planners to assist and improve their clients’ financial positions. FPA Policy Manager Dimitri Diamantes CFP® took part in a special stakeholder “Budget Lock-Up” and tonight we […]

Read More