The FPA is taking a 'wait-and-see' stance while it waits for ASIC's delivery of regulatory guidance on a number of elements of the government's Future of Financial Advice (FOFA) reforms.
"Basically we're looking for regulatory guidance around scaled advice, best interest, conflicted remuneration and disclosure," FPA chief executive Mark Rantall told InvestorDaily.
"So the next steps will responding to the regulatory guidance that is outlined and working with our members to ensure that they are in a good position to implement FOFA reforms.
"We're also working with and waiting on Treasury to issue a consultation paper document around enshrining the term financial planner or adviser in the law."
Rantall said the FPA expected to meet with ASIC in the coming months to gain "a greater understanding of what they're looking for" in regards to the corporate regulator's proposed adviser exam and the establishment of a self-regulatory organisation.
In the meantime, the association will regularly update its members, specifically in relation to what they will need to do to meet the code of professional conduct.
"There is plenty of work going on behind the scenes and we believe that in the next couple of months much of that will start to become public," Rantall said.
