In July, a number of dealer groups including Count Financial, Professional Investment Services, Securitor, WHK and Lonsdale joined forces to represent the interests of financial planners who also work as accountants.
The new organisation, called the Accountant Financial Advisers Coalition, was established in response to FOFA changes and remuneration guidelines issued by the Accounting Professional & Ethical Standards Board, which included a ban on commissions and asset-based fees.
Meanwhile, the new Uniform Consumer Credit Code was introduced in July, which meant financial planners who offer credit assistance to clients, such as advice on mortgages, margin lending and consumer credit products, must now hold an Australian credit licence.
In September, the National Tax & Accountants' Association (NTAA) established a new financial planners' association. The NTAA Financial Planners' Association will provide an umbrella organisation to protect the interests of tax agents, accountants and their clients. The NTAA represents 7500 firms of accountants and tax agents and launched the new financial planners' association to take back ground from the financial planning industry.
In November, the FPA proposed significant changes to its membership, professional standards and branding as the industry body sought to position itself as a professional organisation and regain the trust of consumers.
As a result of the restructure, FPA membership would only be open to new members with an approved degree or higher qualifications from July 2013. As part of the changes, new FPA members would also need to undertake a supervised professional year program to ensure they earn the right to represent FPA professionals in the community. In addition to new membership requirements, the FPA board approved the creation of a new Financial Planning Education Council.
