Meanwhile, the FPA has called for restrictions on the type of individual that can be described as a “financial planner”. 

In a submission to the Parliamentary Joint Inquiry into Agribusiness Managed Investment Schemes, the FPA said a “significant concern” is the use of the term “financial product adviser, which encompasses risk advisers, brokers, financial planners, and in fact, any financial intermediary”. 

“The FPA is calling for tighter regulation around the term ‘financial planner’ and if necessary the term ‘financial adviser’ (because these terms are interchangeable from a consumer perspective) and ‘authorised representatives’, in the wake of the recent corporate collapses,” it said.

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