FPA reveals 10 point plan to improve adviceBY LAURA MILLAN | FRIDAY, 23 MAY 2014 12:40PMThe Financial Planning Association (FPA) has unveiled 10 key points to raise the standards of financial advice. Related News |
Editor's Choice
ASX profits slump as ASIC inquiry costs bite
|The ASX reported a fall in its statutory net profit driven by $51.1 million in legal costs and penalties as a result of settling legal proceedings with ASIC.
AI advice boom highlights urgent need for affordable advice: SMC
|Australians are increasingly turning to artificial intelligence to understand their superannuation and retirement options, but new research suggests many remain reluctant to rely on AI alone for major financial decisions.
Space, semiconductor ETFs worst performers in July
|Space-related and semiconductor exchange traded funds (ETFs) were among the worst performers in the month of July after delivering exceptional gains earlier in the year.
The SILC Group brings US wholesale fund Down Under
|The SILC Group has helped introduce a Denver-based investment manager to the local wholesale market with a new global equities fund.
Further Reading
Products
Featured Profile

Andrew Gregory
CHIEF ADVICE OFFICER
UNISUPER
UNISUPER
After 25 years, Andrew Gregory remains motivated by the impact financial advice can have on Australians' lives. As UniSuper's chief advice officer, he is not slowing down on any of his current ambitions. Matthew Wai writes.







Same old, same old from the FPA. Their transparent attempt to have everyone be a member and pay them fees for which they provide zero genuine representation (except for their mates in big banking and insurance) in return.
Oh yes! And more "education" so they can flog more "training".
Ban the FPA and educate/fund consumers to use lawyers to protect them from the banks...oops...I mean advisers.
It would be funny if it wasn't so stupid.
Does the FPA not understand what is happening in the regulatory landscape that it inhabits?
Has the FPA not read ASIC CP 212 and come to the conclusion that ASIC has zero interest in the financial planning industry; that ASIC has no intention of being a part of anything to do with education of financial planners or maintaining financial planner registries.
Listen to what the general thread going through all of ASIC pronouncements on financial planning. That is: If you need advice go and see an accountant or lawyer. We trust accountants or lawyers, we don't trust financial planners. Financial planners charge large fees and receive commissions for doing nothing. If you want advice on aged pensions go to the government website that is free. If you want super advice go to your super fund (which should be industry rather than retail).
As for this bleating about ASIC lacking in powers is absurd. Why does the FPA go on about this? Whose benefit does it serve? ASIC argue for higher penalties and fine tuning for its investigative arm not basic legislative powers because it already has them. ASIC has the capacity right now to take out whom it wants including the licensee if it is aware of someone doing something wrong and that person is protected from bias treatment by ASIC under the the laws of natural justice and administrative law legislation.