Mark Rantall

Financial Planning Association of Australia (FPA) Chief Executive Mark Rantall says the ‘good faith’ decision to place on hold the introduction of regulatory amendments to FoFA legislation is a welcome initiative.

“FPA applauds Finance Minister Matthias Cormann for taking further time to properly investigate changes that would otherwise have been introduced as regulatory reform this week.

“FPA fundamentally supports the original intent of the Future of Financial Advice (FoFA) reforms based on sensible policy alignment, removal of unnecessary red tape and maintenance of consumer protection.

“We welcome the decision by Minister Cormann and look forward to continuing our constructive discussions to find practical solutions to these amendments,” he said.

Mr Rantall said the FPA has spoken in the past week on behalf of its members and the Australian public seeking to draw a clear line between product and advice.

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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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