In a statement yesterday, FPA chief executive Dante De Gori said while the findings in ASIC’s review around inadequate background and reference-checking processes at institutions are disappointing, they are not surprising.
“Consumers need to trust that they only consult with professional financial planners, and poor reference checking is a significant concern,” he said.
“We encourage all licensees/employers to follow the FPA’s reference checking requirements in the code (including the reference checking consent form), when considering employing or authorising a representative who purports to be a member of the FPA or a former member of the FPA.
“The FPA knows from experience that many licensees/employers do not have a process for checking with the FPA for names of financial planners that have had disciplinary actions against them, so we strongly advocate the use of the facility.”
Mr De Gori added that the FPA will continue to work “proactively with the government and industry to raise standards of financial advice for Australian consumers”.
A hard hitting response there from the professional body. Coming down really hard on those banks, with such a condemning and hard hitting press release. I would not want anything less for the over regulation and poor image that these institutions have caused and will likely to cause. Good to see them being a real leader with this approach and there stern words here. With such an approach and powerful media statement, consumer confidence has been finally restored. All planners can sleep well knowing over regulation will be prevented and advice open to all Australians again. Good job FPA. Mostly likely you’ll require their staff join the FPA and pay membership fees as further punishment for their crimes.
^Lol
Yep I reckon Danti could actually get a great job working in a sales role in a bank. Like did they sit around after the ASIC release and say “”mmm what should we do?”” At which point did someone say “hey.. how can we make money out of this” . “I know, why don’t we offer our members the ability to download a recruitment checklist, called a reference check consent form. You have to join and then you get the form”” . Some real leadership being shown here.