FOFA Races to the finish line – a message from FPA CEO Mark Rantall
The moment of truth is imminent for Australia’s financial planners with the FoFA reforms currently being debated in Parliament, and an outcome due by the end of the week.
As we approach the final hours, we continue to work with the Minister’s office on the ultimate shape of the reforms put to the vote. We can also say that in the past few days, we have seen a host of options proposed to us by a range of parties. We have negotiated some important concessions for you, our valued members, including a 12-month transition period and some relief on additional disclosure. We want to be clear with FPA members that the only discussions which will deliver an outcome are those with the Government, Opposition and Independents.
Through all of this, the FPA positions on FoFA have not changed and we remain unwavering in our resolve to use the full weight of our influence to achieve the best outcome for our members and their clients. Clearly the Government has ultimate control over what concessions are granted, however, we want you to know that we are working hard to negotiate the best outcome for you.
Our efforts over the years have involved working with all stakeholders in the political process, including ASIC and the FSC, ISN, ICA, CPA, IPA and SPAA. You may have seen media reports in the past 24 hours suggesting that the FPA has negotiated a deal with the Industry Super Network (ISN). The FPA has had dealings with the ISN not just recently but throughout the past 3 years since the reform process began. We have sat in the Peak Consultation group and countless forums with the ISN debating our position on your behalf.
In any discussions with the ISN or any other stakeholder, our sole purpose is to unite the profession and achieve the best possible outcome for our members and their clients.
