FPA raises concerns about impact of AFCA legacy complaints rule changes on professional indemnity market

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The Financial Planning Association of Australia (FPA) has raised concerns about the Australian Financial Complaints Authority’s (AFCA) proposed legacy complaints rule changes and the potential impact they will have on the professional indemnity (PI) costs for financial planners. In its submission to AFCA’s consultation on the proposed changes to its rules, the FPA supported the intent of […]

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Bernie Ripoll joins SMSF Association board

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A Parliamentary Secretary in the former Gillard Labor Government, the Hon. Bernie Ripoll, is joining the SMSF Association board, effective immediately. Ripoll, who joined the Association’s Public Policy Committee in January 2018, will replace Cath Mulcare, who is stepping down after being a director since June 2015. Association chair Dr Deborah Ralston, who made both […]

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Andrea Slattery stepping down from SMSF Association board

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Andrea Slattery has announced she is stepping down as a non-executive director from the SMSF Association board, effective from 18 April. Slattery was Managing Director and CEO when she resigned from the Executive in April 2017 and became a non-executive Director of the Association. Her decision to resign from the board is to focus on […]

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FPA appoints Dale Boucher as new Chair of Conduct Review Commission

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The Financial Planning Association of Australia (FPA) has announced the appointment of Dale Boucher as Chair of its Conduct Review Commission (CRC), with outgoing Chair Graham McDonald remaining a CRC member in the role of Deputy Chair. The CRC is an independently chaired tribunal that hears and determines disciplinary complaints, holding FPA members accountable to […]

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Actuaries Institute paper says financial institutions should measure their social condition

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Highlights The Hayne Royal Commission showed institutions have failed to understand and manage relationships with society and their associated social risks. This has resulted in great reputational damage and loss of social capital for those institutions. ‘Social condition’ is as important as ‘financial condition’ to the success and sustainability of an institution. The authors propose […]

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General advice should not be labelled advice at all, says FPA

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Following the recent research from ASIC that found many consumers are confusing ‘general’ and ‘personal’ advice, the Financial Planning Association of Australia (FPA) is once again calling for the separation of financial advice from financial product marketing and product information. Released on 28 March, ASIC’s Financial advice: Mind the gap report found that only 53 […]

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Labor’s franking credit rebate deadline ‘disregards’ self-funded retirees

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The Labor Party’s confirmation today that if it wins office at the next federal election it will still abolish franking credit rebates from 1 July 2019 irrespective of whether the legislation has been passed shows a total disregard for self-funded retirees. SMSF Association CEO John Maroney says Shadow Treasurer Chris Bowen’s confirmation yesterday on its […]

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Give industry ‘appropriate’ time to remove grandfathering arrangements

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The SMSF Association says removing grandfathering arrangements for conflicted remuneration in relation to financial advice for retail clients “should be removed as soon as reasonably practicable”. In a submission to the Financial Services Reform Implementation Taskforce, Association CEO John Maroney says: “We support the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services […]

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AFA Submission to Treasury

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Submissions were due to Treasury on Friday in response to the draft legislation on ending grandfathered conflicted remuneration for financial advisers. We appreciate that opinions are divided on this measure, however nonetheless it is an important recommendation out of the Royal Commission and there is a lot of complexity in ensuring that the right outcome […]

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FPA CFP Certification Program first professional designation program accredited by FASEA

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The CERTIFIED FINANCIAL PLANNER® or CFP® Certification Program is now the first professional designation education program in Australia that qualifies for recognition of prior learning (RPL) by the Financial Adviser Standards and Ethics Authority (FASEA). The Financial Planning Association of Australia (FPA) welcomes the announcement by FASEA yesterday that officially acknowledges the value of the FPA CFP® Certification […]

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