The Financial Planning Association has issued an impassioned plea to the government and the newly-appointed head of the Financial System Inquiry, David Murray, not to impose further regulation on the financial advice industry.
FPA chief executive Mark Rantall welcomed the recent release of the Inquiry’s draft terms of reference but said the financial planning industry needed more time to bed down the previous Labor government’s Future of Financial Advice reforms, which he described as “one of the most comprehensive reform processes yet seen”.
“Now is not the time for more investigation into the personal financial advice sector in Australia,” he said.
“We encourage a sensible timeframe for our sector to fine-tune a workable approach to reduce costs, improve consumer protection and deliver best interest advice that is affordable to more Australians.”
The FPA is currently reviewing the draft terms of reference and will consider making a submission.
“We welcome the opportunity to contribute to a process which is designed to foster a more efficient, competitive and flexible financial system,” Rantall said.
Submissions close on December 5. The inquiry aims to publish an interim report by September 2014 and deliver a final report by November 2014.
