Advisers Down Under face the toughest regulation in the world, according to Australia’s Financial Planning Association chief executive Mark Rantall. But if you fancy living on the other side of the world he knows what you need to do.
The FPA is a professional body for advisers, with over 10,000 members, 7,500 of them financial planners. It is the leading voice for Australian advisers as the regulatory ground shifts beneath their feet.
Rantall has form for the job. During his five years as managing director at advice firm Godfrey Pembroke he helped 200 advisers move to a fee-based remuneration model. After that he helped set up the National Australia Bank’s training centre, The Academy, at which he held the post dean of advice.
Some of the rules faced by advisers in Australia seem less restrictive than those in the UK. For example, there is no independent or restricted test, though advice firms do have to disclose their ultimate owner – often a large product provider. Some independent firms register as such through the Corporations Act regime, which sets out many of the requirements for advisers and the wider industry. This means they can promote themselves as IFAs but this is only around 15 per cent of the market.
Leave a Comment
You must be logged in to post a comment.