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Exclusive FPA workshops address Shadow Shopper report for financial planners

21 Mar 2012
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The Financial Planning Association (FPA) today announced that, in partnership with the Australian Securities and Investments Commission (ASIC) and the Financial Ombudsman Service (FOS), it will be conducting a series of educational workshops. The workshops, which will be held in locations across Australia, will address the latest ASIC Shadow Shopper Report. The Report is due out later this month.

The workshops are targeted at all financial planning professionals and will cover the implications of the Report for individual planners, financial planning business owners, those who work in licensees and dealer groups and other wealth management professionals. The intent of the workshops is to use the Report findings to demonstrate practical ways for financial planners to learn, improve and deliver best practice advice.
 
The workshops will focus on topics raised in the Report. They will be attended by crucial players in the advice market: key decision-makers at ASIC, which runs the Shadow Shopper surveys, and FOS, which resolves disputes between consumers and financial services providers, including financial planners.
 
Spokespeople from ASIC will be on hand to discuss the criteria, methodology and results of the Report, while FOS will provide insights on the financial planning disputes it handles and how they could be prevented. 
 
Mark Rantall, CEO of the FPA, said:
 
“The FPA believes it is vital for all key stakeholders involved in shaping and regulating the financial planning profession to collaborate with practitioners and openly address the findings from the latest Shadow Shopper Report. Whilst we have only had high level announcements released as yet, the report is clearly going to be a hot topic of interest to everyone and will have an effect on the way we think about quality retirement planning advice. As the peak professional body for financial planning in Australia, this is a very rare opportunity for our own members and all other stakeholders in the advice community to gain first-hand insights from the Regulator, the Ombudsman, the professional body and leading practitioners – all in the same place, at the same time. There is no one who works in wealth management and touches advice provision who wouldn’t benefit from this event.
 
“The FPA will continue to raise the financial planning bar for all Australians. Consumers deserve to receive the best possible advice from ‘true to label’ professionals who work to high standards of qualifications, education, ethics and experience. FPA members sign up to a world-class Code of Professional Practice to put clients’ needs first, engage with clients in a clear and transparent way, and deliver positive outcomes for them to meet their long-term financial needs. This way, Australians can feel confident when seeking advice. Our efforts are all about improving access to, and the quality and transparency of, financial advice for consumers while supporting a vibrant and growing profession to provide much-needed advice.” 
 
ASIC Commissioner, Peter Kell, said:
 
“As we have already indicated, this Shadow Shopper initiative again signals that there is room for improvement in delivering good advice. The Report is intended as an educational tool for the profession to help support continuous improvement. We welcome the opportunity to continue our constructive and close relationship with the FPA to participate in these workshops. They will provide a vital forum to share the thinking and rationales behind the Report in relation to retirement planning advice with a wide range of industry representatives, including the financial planning practitioners who are looking to learn from the lessons revealed in the Report.” 
 
FOS Ombudsman – Investment, Life Insurance and Superannuation, Alison Maynard, said:
 
“The collaboration between the FPA, FOS, ASIC and financial planners is a first for the industry, and comes at a critical time of reform and transformation. FOS uses the FPA Code of Professional Practice to inform determinations. I am looking forward to having the opportunity to directly share with financial planners FOS’ experience in resolving disputes.”
 
The FPA workshops will be held in Sydney, Brisbane, Melbourne, Perth and Adelaide throughout May. Registrations are open NOW and attendees can register at www.fpabestpractice.com.au/shadowshopper. Attendance will earn 3 CPD points.

Workshop dates:

  • Tuesday 1 May – Brisbane
  • Tuesday 8 May – Sydney
  • Wednesday 9 May – Melbourne
  • Thursday 10 May – Perth
  • Friday 11 May Brisbane – Adelaide

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