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
The 'blind spot' costing advisers nearly $10bn: Research
Research from Elemnta indicates financial advisers do not realise they are expending nearly twice as much effort on non-advised operations, highlighting a perception gap and challenges related to data collection and access, which cost 6000 practices about $9.36 billion in "destroyed enterprise value".
Canadian pension giant takes 20% stake in La Trobe
Canadian public pension fund OMERS has taken a minority stake of nearly 20% in La Trobe Financial from Brookfield.
ASIC issues another stop order for private credit fund
ASIC has issued an interim stop order on the Murdoch Clarke Mortgage Fund, issued by Murdoch Clarke Mortgage Management, prohibiting it from offering, issuing, selling or transferring interests in the fund.
Inheritors struggle to act on financial advice: Survey
Australia's wealthy inheritors are making major financial decisions before they feel ready, with new research highlighting a gap between receiving professional advice and having the confidence to act on it.
Further Reading
Products
Expert Feed
When geopolitics becomes a portfolio risk
Geopolitics is back - again - and Australian investors can no longer treat it as distant background noise.
Does association membership still matter?
With all the changes the advice sector has experienced in recent years, such as regulatory reform and increased education and professional standards ...
Digital assets and where they stand in 2026
So far in 2026 digital assets have captured the headlines largely for the wrong reasons, but that doesn't tell the full story.
Rethinking default design in a changing market environment
The evolution underway in the US DC system highlights the value of periodically reassessing default design assumptions.
Featured Profile
David Sharpe
CHAIRMAN
FINANCIAL ADVICE ASSOCIATION AUSTRALIA
FINANCIAL ADVICE ASSOCIATION AUSTRALIA
A family man, business owner, cricket fanatic and financial adviser, David Sharpe has many facets. One of his biggest legacies, as he steps down as chair of the Financial Advice Association Australia, is leaving the profession stronger than he found it.
The Financial Standard podcast Tune in each week as we discuss the latest developments in Australia's wealth management industry. |  |
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.