logo

Industry Bodies

Understanding FoFA: FPA pack encourages planners to discuss reforms with local MPs

09 Feb 2011
From

The Financial Planning Association (FPA) has released to members a comprehensive ‘FoFA Pack’ detailing the key issues raised by the Future of Financial Advice (FoFA) reforms.

Recently sent to all 8,000 FPA ‘practitioner’ members, the pack encourages financial planners to engage with their local MP to ensure that as many politicians as possible have a clear understanding of the issues facing the financial planning industry and consumers.

It also outlines the position taken by the FPA on some of the more high profile issues raised by the Government’s reform package, such as detailing its support for:

  • A ban on commissions (from investment products)
  • A fiduciary duty that places the client’s interest first

The pack also details those aspects of the package not supported by the FPA, including:

  • Annual client ‘opt-in’ requirement
  • Expansion of ‘intra-fund’ advice

“FoFA represents a significant opportunity to improve access to affordable advice for all Australians and we’ve been working closely with the Government to ensure we achieve the best outcome for both the industry and consumers,” FPA CEO Mark Rantall said.

“We’d encourage all financial planners to talk to their local member about the reform package and the impact it will have for their business and clients. We hope the FPA FoFA Pack will arm them with the right tools to fully engage in this important debate.”

For a copy of the ‘FPA FoFA Pack’ visit: http://www.fpa.asn.au/default.asp?action=article&ID=21783

Tags:                        

Earn CPD Points

  • CPD: A TTR strategy for modern retirement

    We are currently witnessing one of the most significant demographic transformations in Australia’s history. Over the next decade, an estimated 2.5 million Australians are expected to enter retirement[1]. This article, [...]

  • CPD: Trend following in uncertain times

    Trend following strategies aim to generate returns by capturing sustained price movements across a diverse range of asset classes. Unlike traditional investment approaches that rely on valuation or forecasting, trend [...]

  • CPD: Aged care advice and ethics

    Data from the Australian Institute of Health and Welfare (AIHW) shows that Australia’s population aged 65 and over is projected to reach 22% – or 8.8 million people – by [...]

  • CPD: AI governance – a practical framework for advisers

    Regulator scrutiny of AI governance just got serious In years to come, they may well call it the ‘Mythos effect’ – the point in early 2026 where all the concerns [...]

  • CPD: Thinking outside the box – providing a loved one a paycheque for life

    Australia’s great wealth transfer is well underway. An estimated $5.4 trillion is expected to pass from those aged 60 and over to younger generations within the next two decades.[1] In [...]

View more CPD