Looking forward to working with the new Government: FPA

With a new Ministerial line-up announced today by the recently elected Abbott federal Government, Australia’s peak financial planning body the Financial Planning Association of Australia (FPA) has welcomed the announced Ministry and reaffirmed its long-running advocacy in support of better financial futures for all Australians.

“The FPA has a proud history dealing sensibly with all sides of politics to achieve equitable and pragmatic policy outcomes designed to support more Australians seeking improved financial outcomes. Our objective is always to continually raise the bar on behalf of all Australians, leading them to a greater number of highly qualified, professional financial planners operating within the construct of a world class CERTIFIED designation, approved code of practice and recognised professional standards” said FPA CEO Mark Rantall.

“We support the inclusion of financial services as part of the Treasurer’s portfolio and welcome new Assistant Treasurer, Senator Arthur Sinodinos and acknowledge the efforts of former shadow Minister Matthias Cormann in the financial services portfolio.

“The new Government, with a fresh mandate and majority numbers in the Lower House, has a window to develop innovative policies to support the greater financial wellbeing of Australians and those entrusted to maximise their discretionary and retirement outcomes.

The FPA will work hard to assist the creation of sensible policy towards this honourable aim.

“We see an opportunity to promote the clear win-win benefit of effective financial planning for all Australians working with the assistance of a CERTIFIED financial planner.  The FPA also believes there is a positive flip side to building a strong and viable financial planning profession including long-term systemic benefits to the economy, a reduction on the public social security purse and a population of Australians better enabled to take control of their financial future.”

This is effectively a double dividend: good for consumers, good for the professionals who serve them.

“The FPA and its members will continue to do its part by working constructively with Government and the Opposition towards this appropriate goal of securing the double dividend benefit of high quality financial advice,” Mr Rantall said. 

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Andrea Slattery

The SMSF Professionals’ Association of Australian (SPAA) is looking forward to working closely with the Coalition Government and is heartened by its pre-election promise of “no unexpected detrimental changes to superannuation”.

SPAA CEO Andrea Slattery says: “The SMSF sector and the Coalition’s view of the world have much in common. We believe this augers well for the future strength and stability of the superannuation sector. SMSF’s alone accounts for $500 billion in assets and include around one million participants.”

“SMSFs are all about choice, self-sufficiency and individual responsibility for one’s retirement. As an industry we are concerned with making the sector more efficient with less red tape.”

“We welcome statements by Prime Minister elect Tony Abbott that ‘Australia is open for business’. We believe the SMSF sector will warmly welcome these comments and that they send a strong signal of intent when it comes to expressing the priorities of the new Government”.

“We are confident that the Coalition is acutely aware of the dangers of continuing changes to the superannuation rules. They act as a disincentive for people to save for retirement, and, as a consequence, we welcomed the promises made by both parties to stop changing superannuation rules detrimentally as a step in the right direction to achieving bipartisan support for a sustainable and stable superannuation system.

“We strongly believe that as far as possible, superannuation should be above short-term budgetary political pressures as it is a lifetime commitment that has the goal of reducing the long-term costs to government and allowing people to retire with dignity.”

“SPAA welcomed the Coalition’s commitment to not introduce any negative changes to the system, and we will continue to advocate strongly those measures we believe will have a positive effect,” said Ms Slattery.

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