The FPA is continuing in its work to deliver better consumer protections and improve professional and educational standards as highlighted in the final Royal Commission report handed down by Justice Kenneth Hayne.
During the course of the Royal Commission Inquiry into Misconduct in the Banking, Superannuation and Financial Services Industry, many findings have undermined consumer trust in our financial institutions. From banks to insurance, mortgage brokers to financial planners, we’ve seen examples of a sales culture that puts profits before customer interests.
As a professional body with 14,000+ members, the Financial Planning Association has been advocating for more than 20 years for the highest standards of education, professional and ethical conduct in our profession. Transparent, client-directed fees, a profession-wide code of ethics, and putting the client-first principle at the centre of financial planning services are goals we’ve been working towards for some time. These are the service standards and codes of conduct we believe Australian consumers deserve from any business handling their money and financial security.
“The vast majority of financial planners are highly qualified, ethical and professional and empower their clients to achieve their money and life goals,” says FPA CEO Dante De Gori. “However, it is without a doubt that the bad behaviour of some individuals in the past has been inexcusable and this needs to stop.”
The 76 recommendations from the final Royal Commission report introduce important changes to the financial services profession that will safeguard consumer interests and deliver better outcomes for individual clients. The FPA welcome the Royal Commission recommendations that relate to financial advice services. These measures offer our organisation and members an opportunity to move forward with important reforms to financial planning.
“We believe change in the financial planning profession will ultimately result in better outcomes for all Australians,” says Dante. “It is our objective to help create the environment that will enable all Australians to achieve a more secure financial future. The FPA is committed to working cooperatively with the government to support the growth of our profession for the benefit of consumers.”
Money & Life, FPA