Statement from FPA CEO Dante De Gori CFP®

From

Dante De Gori

The Financial Planning Association welcomes the second Bill implementing recommendation from the Hayne Royal Commission, a critical component of restoring trust and confidence in Australia’s financial system.

The Financial Sector Reform (Hayne Royal Commission Response No. 2) Bill 2020 deals with annual renewals and payments (recommendation 2.1), disclosure of lack of independence (recommendation 2.2) and restrictions on deducting advice fees from superannuation (recommendation 3.2 and 3.3).

The FPA has strongly advocated for a reduction in regulatory burdens on behalf of all financial planners across Australia. There is a direct relationship between the rising cost of regulation, time constraints on financial planners, and the ability of Australians to access advice.

Dante De Gori CFP®, CEO of the FPA, said: “This is a promising development and it’s great to see the Government has made significant changes to the annual renewal arrangements in response to concerns raised by the FPA in relation to the annual renewal notice and anniversary date operation. These changes demonstrate positive outcomes achieved for financial planners by the FPA so they can concentrate on assisting clients rather than managing administrative paperwork.

“We will thoroughly review the Bill and continue to hold discussions with Government on the issues most critical to our members. We strongly encourage our members to keep sharing their feedback on what further support they need so we can continue to build a thriving profession.”

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