The FPA has signalled its intention to voice member concerns over the federal government’s financial services reforms through a new taskforce.
The association announced late yesterday it has formed the Future of Financial Advice (FoFA) Taskforce to respond specifically to the FPA’s consultation program with federal Treasury.
“We’ve already been hearing loud and clear from members about their views on some of the reform proposals and the FPA has used its strong access to Treasury and the government to advise the Minister on those early views,” FPA acting chief executive Deen Sanders said.
“We know that some of those views are not going to be comfortable for government but we will make sure they hear that members are very concerned about the potential consumer and industry detriment that will arise out of some of these reform proposals.”
Sanders said the taskforce will assist the FPA to expand its consultation approach in regards to government reforms as well as build stronger policy advice and advocacy to the Government and Treasury on behalf of all financial planners.
In May, Minister for Financial Services, Superannuation and Corporate law Chris Bowen announced Treasury will hold information sessions on the government’s FoFA reform packages.
The consultation program from Treasury will start in the next few weeks with a number of public information sessions to be held in Sydney, Melbourne, Brisbane, Adelaide and Perth.
“In addition to the public sessions, the FPA has a direct consultation channel with Treasury that we will use to strongly and consistently represent our members to the government,” Sanders said.
“The FoFA Taskforce will be dedicated to the specific reform proposals announced by the minister and will be working on the same consultation streams that Treasury nominate.”
The FoFA Taskforce will be chaired by former FPA board member and Strategic Policy Committee chair Louise Biti and will include members of the FPA’s board of professionalism committee, and strategic policy committee.
In May, Minister for Financial Services, Superannuation and Corporate law Chris Bowen announced Treasury will hold information sessions on the government’s Future of Financial Advice reform packages.
