Enshrinement of “financial planner” to provide greater consumer protection

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The Financial Planning Association (FPA) has welcomed the government’s release of the draft legislation for enshrining the term financial planner/adviser in Australia. The draft legislation, released today, follows extensive consultation with the financial planning industry and acknowledges the protection and certainty this will provide to the Australian public.   The FPA has led the pathway

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AFA Congratulates Minister Shorten on Consumer Protection

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The Association of Financial Advisers (AFA) has congratulated the Minister for Financial Services and Superannuation, Bill Shorten, on taking an important step towards better protecting consumers by putting forward a proposal to enshrine the term ‘financial adviser’ in legislation. Minister Shorten released draft legislation this morning which restricts the use of the terms ‘financial adviser’ and

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No Choice Superannuation

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The Association of Financial Advisers (AFA) is extremely disappointed with the final report from the Productivity Commission Inquiry into Default Superannuation Funds released on Friday. “The Productivity Commission has backed down from the strong pro-competition, pro-choice and pro-transparency position they took in their interim report and appear to have given in to pressure from the

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CSSA: FWA lacks expertise, experience to make default super calls

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Fair Work Australia (FWA) does not have the specific knowledge and necessary superannuation experience to select default super funds for inclusion in industrial awards, according to the Corporate Super Specialists Association (CSSA). The CSSA is responding to a statement from the Minister for Financial Services and Superannuation, Bill Shorten, on the Interim Report of the

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Government and opposition welcome Financial Planning Week

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On the launch of the 12th annual Financial Planning Week, the Minister and Shadow Minister for Financial Services and Superannuation have found common ground in announcing their support for the Financial Planning Association (FPA) initiative. Hon Bill Shorten MP, Minister for Financial Services & Superannuation said: “The year 2012 will be remembered for the passage

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AFA: FoFA side deals not in the national interest

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The Association of Financial Advisers (AFA) is calling on the Government to act in the national interest and work directly with the industry to achieve the required changes rather than negotiating through the Industry Super Network (ISN). The call comes after news in the press yesterday which alleges the ISN has made secret side deals

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FPA welcomes one year transition announcement

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Sydney, 15 March 2012: The FPA has welcomed the Hon Bill Shorten’s announcement that the mandatory application of the FoFA reforms will start from 1 July 2013. “This is a great outcome for common-sense; the FPA has consistently lobbied the government for the one-year transition and welcome Minister Shorten’s announcement. We believe a one-year transition

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Smoother Transition for Financial Advice Reforms

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Australia’s wealth management industry will benefit from more flexible commencement arrangements for the Future of Financial Advice (FOFA) reforms. The reforms will commence from 1 July 2012, as originally announced, but the application of the provisions will be voluntary until 1 July 2013. Mandatory application will start from 1 July 2013. This means that any

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More Australians should have the opportunity to self-fund their retirement, says the FPA

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Following the Government’s Tax Forum in October last year, the Financial Planning Association (FPA) will again be the only voice representing the financial planning profession at tomorrow’s first sitting of the newly announced Superannuation Roundtable, chaired by Hon Bill Shorten.   The government introduced the new Superannuation Roundtable to consider ideas that arose on superannuation reform

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Professionalism key to getting reforms back on track, FPA tells parliament

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While reiterating broad support of the intent behind the original FoFA reforms, head of peak professional body the Financial Planning Association (FPA), Mark Rantall, has warned the Parliamentary Joint Committee (PJC) examining the latest round of FoFA bill proposals that some of the reforms had lost their way. While acknowledging that the reforms are likely to

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