The SMSF Professionals’ Association of Australia (SPAA) has become a partner of the United Nations, Geneva-based Convention of Independent Financial Advisors (CIFA) – a first for an Australian financial services organisation.
The United Nations (UN) established CIFA as a non-profit foundation whose goal is to protect and defend the interests of investors and support independent financial advice in the international arena. CIFA has the major role of managing the United Nations ‘Charter of the Protection of Investor Rights’.
SPAA CEO Andrea Slattery says: “This is an exciting and important development for our organisation and the broader SMSF industry. It highlights again the recognition of SPAA’s leadership role in the provision of professional services both nationally and internally.
“CIFA is a non-government organisation that has special consultative status with the United Nations Economic and Social Council (ECOSOC), which is the main forum for discussing international economic and social issues and formulating policy recommendations for UN member states.
“By becoming the first Australian representative and partnering with CIFA, SPAA will be at the forefront of the debate on financial services issues as they relate to professional financial advice and investor protection around the globe.
“It will give SPAA a window seat to what is happening overseas in the financial advisory industry, with the valuable insights it provides us will benefit our members and the industry.”
Mrs. Slattery says she was first approached by CIFA about 18 months ago because we were seen by their organisation as one of Australia’s leading professional associations. SPAA is the first Australian organisation to become a partner and joins more than 53 other financial services organisations internationally.
“SPAA had to ensure there were no conflicts between the United Nations goals and CIFA’s objectives embodied in the CIFA’s charter and the current legislative regime in Australia, and on this matter we have been then green light by ASIC.”
CIFA, which was established in 2001, represents about 40 countries and about 300,000 financial advisors with the bulk of the membership coming from Europe, Asia and North America.