In announcing his cabinet on Sunday, Mr Morrison named senator Jane Hume as the Assistant Minister for Superannuation, Financial Services and Financial Technology, while Michael Sukkar was named Assistant Treasurer.
Josh Frydenberg and senator Mathias Cormann have been reappointed as Treasurer and Minister for Finance, respectively.
The Financial Planning Association of Australia (FPA) called Ms Hume’s appointment a clear indication of a strategic focus on financial services in the re-elected government.
Further, the FPA said it looks forward to engaging with the assistant minister on raising the overall standards of education, ethics and accountability.
“Assistant Minister Hume brings with her substantial experience in financial services and is an excellent choice for this portfolio as we seek to raise standards in the financial planning profession,” said FPA chief executive Dante De Gori.
“We believe change must be done in a way that minimises impact on consumers while raising the overall standards of education, ethics and accountability for anyone aspiring to give professional financial advice to Australians.”
SMSF Association CEO John Maroney said the new ministry gives the government a strong economic team at a time when superannuation will be an important issue.
In addition, Mr Maroney said he looks forward to working with the new ministry on simplifying the superannuation system, legislating an objective for superannuation, having policy stability and ensuring that superannuation delivers quality retirement outcomes for Australians.
“Appointing a minister with direct responsibility for superannuation and financial services with the broad policy agenda of implementing recommendations from the financial services royal commission and considering recommendations made by the Productivity Commission on superannuation earlier this year is recognition of the importance the Government is assigning to this policy area,” Mr Maroney said.
“It’s also important in light of the Treasurer’s stated intention to undertake a review of the retirement income system that will be crucial for policy affecting SMSFs and superannuation more widely in the future.”
FSC chief executive Sally Loane said the new Treasury team “brings enormous financial policy experience to the Parliament, which will provide Australia with much needed reform capability and sector stability”.
Further, she said the FSC will also urge the new team to deliver a comprehensive product rationalisation strategy to reduce inefficiency and costs from legacy products, as well as form one regulatory regime for financial advisers and streamlining the tax (financial) adviser requirement into the FASEA framework.
“Recommendations from the Hayne royal commission show the sector requires strong leadership and a mandate for focused reform throughout the entire parliamentary term,” Ms Loane said.
“This includes introducing a fair and competitive default superannuation framework where individuals only default once – this will prevent waste and inefficiency where consumers end up losing money because of the proliferation of multiple accounts. The focus must be on delivering better retirement outcomes for all Australians.”
The new team will do great! Stoked they are in.
[quote=Anon]With the advent of FASEA, FPA has lost relevance. [/quote][quote=Anon]With the advent of FASEA, FPA has lost relevance. [/quote]
With the advent of FASEA, FPA has lost [b]all[/b][b][/b][i][/i][i][/i] relevance
[quote=Anonymous 2]$1,095 for membership fees. Are FPA fees so high because we’re paying the wages of someone pumping out these absolutely stupid press releases? Do they actually think the FPA is listened too? I did the CFP course several years ago (what a waste of money that was, but at the time I wanted to do further study) I won’t be renewing this year, I’ve been a member for 11 years and I can’t see the benefit of belonging any longer given we’ve just had FASEA, a Royal Commission and I still can’t call myself independent. The cost is so high, being in my mid 30’s and trying to buy a FP business and with costs associated with doing FASEA courses and the exam, TPB fees and levies I’m bailing in favour of a low cost option. I think the dream of belonging to a professional association turned out to be a failure and so I’m just going for a low cost option now.[/quote][quote=Anonymous 2]$1,095 for membership fees. Are FPA fees so high because we’re paying the wages of someone pumping out these absolutely stupid press releases? Do they actually think the FPA is listened too? I did the CFP course several years ago (what a waste of money that was, but at the time I wanted to do further study) I won’t be renewing this year, I’ve been a member for 11 years and I can’t see the benefit of belonging any longer given we’ve just had FASEA, a Royal Commission and I still can’t call myself independent. The cost is so high, being in my mid 30’s and trying to buy a FP business and with costs associated with doing FASEA courses and the exam, TPB fees and levies I’m bailing in favour of a low cost option. I think the dream of belonging to a professional association turned out to be a failure and so I’m just going for a low cost option now.[/quote]
Belonging to a professional association is from a bygone era. Professional associations have very little relevance today.
the fact is there are way too many associations and there are way too may designations.
save your money, add another $1k to your annual fee and buy a pair of John Lobb. I guarantee you, It’s the best money you will have ever spent. you can look back fondly at the day you first bought them and they will give you joy for many years to come. can’t say that for the FPA, in fact, they will give you ongoing pain instead (and that too is a guarantee)
so save your money and duck into double monk today.
[quote=Ben ]I would have thought it would prudent to reserve judgement until the new ministers are actually sworn in and we can see what action they do or don’t take? [/quote]
Ben Marshan, I thought being the Head of Policy for the FPA you should not make Dante upset and go against the grain?
$1,095 for membership fees. Are FPA fees so high because we’re paying the wages of someone pumping out these absolutely stupid press releases? Do they actually think the FPA is listened too? I did the CFP course several years ago (what a waste of money that was, but at the time I wanted to do further study) I won’t be renewing this year, I’ve been a member for 11 years and I can’t see the benefit of belonging any longer given we’ve just had FASEA, a Royal Commission and I still can’t call myself independent. The cost is so high, being in my mid 30’s and trying to buy a FP business and with costs associated with doing FASEA courses and the exam, TPB fees and levies I’m bailing in favour of a low cost option. I think the dream of belonging to a professional association turned out to be a failure and so I’m just going for a low cost option now.
[quote=Anon]With the advent of FASEA, FPA has lost relevance. [/quote][quote=Anon]With the advent of FASEA, FPA has lost relevance. [/quote]
most definitely. There is no point doing the CFP program now, it has no relevance as fasea exam and ethics supersede the CFP.
most people with grad dip fp or higher were exempted from CFP 2- 4 anyways and only had to do CFP 1 FPA professionalism and the certification unit which required a financial plan and multi choice exam.
no point doing the CFP [b]before[/b][b][/b] the fasea exam and ethics or doing the CFP [b]after[/b][b][/b] doing the fasea exam and ethics.
glad to see fasea give them a death blow. so happy right now.
I would have thought it would prudent to reserve judgement until the new ministers are actually sworn in and we can see what action they do or don’t take?
With the advent of FASEA, FPA has lost relevance.
Did The FPA just say something?? I was expecting the FPA to email a questionnaire to its members asking for feedback on the new leadership team before taking their time to review/analyse/re-analyse and then if we are all lucky enough, make comment on. Wow this is new!
I for one do not support the statement released by the FPA. Due to the lack of voice, support and overall humdrum from the FPA I will not be renewing my membership.
all these people bagging the FPA are just jealous. Because I am a cfp(r) the real deal x 5 units, from deakin uni which has 2 x exemptions from fasea. did anyone else get 2 x exemptions other than a DFP, or an ADFP, or an accountant with no prior study of financial planning ?
it’s the highest program, the gold nugget, if you have it you will be FKFP (fellow king financial planner) or the God of Planning
c’mon everyone either get the cfp(r) and be in the elite and stop bagging the fpa cuz u r jus’ jealous
[b]Change management:
[/b][b][/b]
If government is going to hastily change the economics of an industry sector – then this must be supported by national campaigns to educate the public too. I.e.:
> Here is when and why you should seek financial advice
> Here is what the advice should cover, and how to find a qualified adviser
[b]> Here is how much it now costs[/b][b][/b] (now that you’re forced to pay the full cost up-front)
Dear FPA,
We’re Glad you’ve given us the Thumbs up. However we don’t give a 2%@$#@ about your thoughts because most of your submissions are cut and pasted from AMP after you’ve been directed by your Puppet Masters. We’re very conscious you get payments from that sector of the finance industry and so we take all your submissions with that conflict in mind. That’s our impression anyway.
Kind Regards
Treasury
If any adviser renews their membership to the FPA after this then YOU’RE AN IDIOT and deserve what you get from them, which is nothing!
Had no idea the FPA was still a thing?
FPA, please stop talking on behalf of advisers – you do not represent our profession.
FPA read this : Don’t open your mouth on appointments until you know the outcomes . I am sick and tired of Dante and the FPA crawling up the backsides of govt officials who clearly could not care about the FPA . We pay you to listen to members and vote on behalf of the members not think up bum slapping slogans to support whoever from your cosy office in Sydney. Start banging on doors publicly (not privately as you have done previously that ended up in this mess) and do a mortgage brokers and Donald trump . Look after only your members publicly in the interest of members ( like the mortgage brokers did, commission forever !!! and no SOA ) otherwise you will not have the current crowd re newing their memberships . Last chance !!!!
Dante making statements as if either advisers or government take the FPA seriously anymore. My suggestion is its time the FPA had NEW leadership with experience and backbone to start achieving some results that benefit customers and advisers. ANY RESULTS would be a start.
“Assistant Minister Hume brings with her substantial experience in financial services and is an excellent choice for this portfolio as we seek to raise standards in the financial planning profession,” said FPA chief executive Dante De Gori.
“We believe change must be done in a way that minimises impact on consumers while raising the overall standards of education, ethics and accountability for anyone aspiring to give professional financial advice to Australians.”
When did the FPA morph into a Consumer Advocate organisation. It is supposed to be representing the interests of its Financial Planner membership who pay their fees and ultimately the FPA salaries.[/b][b][/b]
I am all in favour of raising standards, but where in Dante’s statement is there mention of achieving this without the current toll this is taking on financial planners/advisers who are being barraged from al sides with FASEA, RC etc. whilst still trying to provide sound advice to their clients.
FPA, How about asking your members their views before making public pronouncements on our behalf.
Who cares what FPA think they have just agreed to everything and not once questioned any of this shambles
There’s a great opportunity for Jane Hume to fix a lot of the mess in financial services caused by the incompetent O’Dwyer, and the government being backed into a corner by sensationalist media and unfavourable (incorrect) opinion polls.
Hopefully with 3 years of clear air and a more balanced approach, she can deliver what’s best for the “quiet Australians” rather than the extremist noisemakers.