Mr Rantall served as the association’s chief executive between July 2010 and February 2016, and stayed on as a member of the FPA’s board after that.
“On behalf of the FPA board and all our members, I sincerely thank Mark for his dedication to the financial planning profession and his commitment to the FPA,” said FPA chair Neil Kendall.
“He has been with us on our journey to reach higher education and advice standards, and has tirelessly campaigned to ensure both members and consumers benefit from proposed industry and government reforms. He has also helped grow both the CFP mark and number of CFP professionals in Australia.”
Mr Rantall will be replaced by Coca-Cola Amatil group company secretary and corporate council Jane Bowd, who will commence in her role as a member of the board on 1 March 2018.
“Jane brings deep knowledge and expertise in legal and governance matters from her prior financial services roles, and private practice,” Mr Kendall said.
Last week, Mr Kendall spoke with ifa regarding advisers’ concerns about incoming education standards, saying the proposed ’10-year rule’ does not exist, and that so far FASEA’s proposals mirrored the association’s CFP program in many aspects.
Mr Rantall’s resignation follows Dr Mark Brimble’s decision to step down from his role as FPEC chair due to perceived conflicts of interest.
Listen to the full interview with Neil Kendall:
These guys just continually embarrass themselves. They are so inept, opaque and conflicted that is just not possible to take any of them seriously.
The astounding thing (among others) is that people like Mark Brimble were holding themselves out as being able to tell us (Advisers) about ethics! Seriously – this is comical.
They failed at their first and only hurdle and yet us Advisers are dealing with this stuff every day of the week.
Wow. What a bitter and twisted lot! Few people have done more for the profession than Mark.
Sorry but let’s see the outcome of his work. FOFA-Government intervention, LIF-Government regulation, FASEA-Government intervention and wait… more Government intervention. I didn’t join the FPA for the Christmas Parties I joined because I wanted to create a profession, representation, and avoid Government intervention. EPIC FAIL. Let’s have a look at the winners from his term. First place FPA as a result of compulsory membership to meet TPB requirements. In second place we have… the FPA as a result of compulsory membership for CBA bank planners… in third place we have…the 2019 FPA… with compulsory bridging courses to meet FASEA. Coming in a very distant last is the Australian Consumer sadly priced out of Financial Advice followed by wait for it..a financial planner bogged down in red tape and Uni text books..
Would be so interesting to see how you would’ve stemmed the tide of government intervention in the wake of what’s occurred. So easy to be a keyboard warrior, call everything an EPIC FAIL, throw stones and then piss off. What have you done? WHo have you spoken to in government? How many hours have you spent on this?
Thankfully one more dinosaur gone. I distinctly remember the FPA’s silence during the CBA scandal when CBA management tarnished the [u]entire[/u] planning industry by blaming their trouble on individual advisers. CBA management said it’s not us, it’s advisers, and said the solution is lifting education standards and we’ll make them join the FPA. As a result we now have FASEA and the FPA is stacked full of CBA advisers. The FPA clearly put the needs of Commonwealth Financial Planning first due to it’s relationship and payment via the Professional Partner Program. Advisers got rid of conflicted remuneration years ago and hopefully with this departure we might see some real leadership we desperately are crying out for and one day Treasury will not see the voice of FPA representing the banks.
Respectfully, you might want to check your memory. The FPA was especially outspoken on that particular issue at the time, and copped a lot of criticism from members for calling them out.
The Professional Partner Program is very unpopular Patrick, just listen to the vitriol here. The program is probably a liability now the banks are involved (broadly, they did not used to be a big part of it) and I think most Members see this as something that needs to change now.
Hi Patrick,
A simple search of the FPA website shows the FPA response which basically said 1) some CBA clients were impacted by untrustworthy advice and 2) FPA welcomes the CBA response.
No criticism of CBA, their advice management, their advice systems or the company culture.
The FPA played a large part in shifting full blame to the CBA Advisers, minimising any blame to the company and culture that created it.
We need FPA directors that aren’t afraid to upset the institutions when they do wrong. We need an FPA that has teeth and will respond to journalists, Ministers and institutions when they make factually incorrect statements about our profession.
Agree, what was this outspoken response from the FPA.
Well said Anon. I couldn’t said it better myself. So Patrick the FPA said. I.e “it’s not senior management it’s planners and the solution is a Masters Degree and join the FPA” said the FPA. A few months later we’ve got FASEA. Not a single planner banned or a single monthly payment from CBA Financial Planning missed I’m guessing. They call that relationship a bribe in most countries. CBA + FPA = FASEA
Was that before or after Mark left to work for the Dealer Group
Jobs for the boys hey – none conflicts here, move along please.
It’s a completely conflicted mess.
And ODwyer is complicit to it all with her Bank Buddies.
He is an Adviser you Clown. That’s his profession. Of course he is now entitled to join an AFSL – even a bank owned or aligned one. Ok, there is no accounting for taste in relation to the entity concerned, and you could make that point, but I don’t see any COI problem here.
He’s orchestrated payments from Commonwealth Financial Planning via the professional partner program. CBA are involved in the largest planning disaster since Storm triggering a Royal Commission and the FPA states “all good here nothing to see, move along..we agree with CBA, plus those nasty advisers should all get a Masters Degree”. Then he gets a job at a CBA entity. Smelly ? Yes. That’s the professional partner program in a nutshell and that’s how Treasury sees it as well.
Furthermore Patrick the correct FPA response from the biggest Financial Disaster after Storm would of been to say requiring planners to have degrees and Masters of FP is not the solution..the solution is a higher standard of ethics and the removal of boiler room sales practices at snr management level. FASEA is a direct result of the CBA’s stance and the lack of silence from professional associations. A position purchased via the professional partner program. Very hard to critique the CBA/CFP when you’re getting paid by them isn’t it? Yes. Any financial planner impacted by FASEA should be disgusted by the FPA’s position at the time.
This was not an easy role. I think you did as good a job with it as could be done Mark, so thank you.
Yet another ineffectual, unrepresentative of it’s members, FPA director gone. Let us hope the replacement is more grass roots and actually wants to progress the majority of member’s actual requirements (and dire needs) rather than this ivory tower BS little Mark was so caught up in. Don Trapnel, too busy to get in and clean them out?
The replacement is a corporate lawyer from Coke (?!). Not sure you will get your wish.
Yeah read that, means more unproductive legalistic interpretations on common sense issues, and further BS forced down our throats.
You have no f-ing idea, pal. grass-roots, actual requirements, dire needs, ivory towers….. When the bulk of people advising in this industry are operating on qualifications that can be achieved over the course of a weekend, there will always be a perception that most advisers are just cowboys. Anyone who just has a Diploma or Advanced Diploma will be doing something to up their education quals. Even existing degree qualified advisers will probably need to do something. If you want to continue operating, you’ll need to do something, otherwise off you go. Sounds like you might be part of the problem, you need to be part of the solution.
Conflict or jump before the education storm. That’s two down in as many weeks
Wow, so the government, FPA, FASEA, FPEC etc are actually realising that they are hell bent on scrutinising Advisers conflicts of interest.
And so they should be.
But hang on, under FASEA proposals these so called “Ethical” people and Academics of the industry are now being showing to be wearing no clothes when the torch is shown on them and they are hopelesly conflicted in all their dealing of the FASEA reforms.
When will ODwyer join the “Ethical” members and also stand down from her Financial role.
What an absolute circus this has become.
Gòod riddance. A legacy of fofa, lif and fasea.
The main perpetrator in this whole education is everything scam.
Term expiring is not stepping down.