Mark Rantall

The FPA has welcomed the release of the Coalition Government’s terms of reference to the upcoming Murray Inquiry, but says any more financial advice reform should be off the table.

FPA CEO Mark Rantall said: “Financial planning and advice has been through one of the most comprehensive reform processes yet seen, through the previous Labor Government’s Future of Financial Advice (FoFA) reforms.

“We believe now is not the time for more investigation into the personal financial advice sector in Australia.

“Rather, we encourage a sensible timeframe for our sector to bed down its FoFA obligations, and work to fine-tune a workable approach to reduce costs, improve consumer protection and deliver best interest advice that is affordable to more Australians.”

Mr Rantall said the FPA was currently reviewing the draft terms of reference to the Murray Inquiry, and would consider providing input in due course.

“We welcome the opportunity to contribute to a process which is designed to foster a more efficient, competitive and flexible financial system,” Mr Rantall said.

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