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SPAA joins global independent adviser convention

The SMSF Professionals’ Association of Australia (SPAA) has become a partner of the United Nations, Geneva-based Convention of Independent Financial Advisors (CIFA), a body that aims to protect and defend the interests of investors and support independent financial advice globally.

CIFA manages the United Nations ‘Charter of the Protection of Investor Rights’, according to SPAA.

“CIFA is a non-government organisation that has special consultative status with the United Nations Economic and Social Council (ECOSOC), which is the main forum for discussing international economic and social issues and formulating policy recommendations for UN member states,” SPAA chief executive Andrea Slattery said in a statement.

The partnership will give SPAA “a window seat to what is happening overseas in the financial advisory industry, with the valuable insights it provides us to benefit our members and the industry,” she added.

“SPAA had to ensure there were no conflicts between the United Nations goals and CIFA’s objectives embodied in the CIFA’s charter and the current legislative regime in Australia, and on this matter we have been then green light by ASIC.”

CIFA was established in 2001 and represents about 40 countries and about 300,000 financial advisors, with the bulk of the membership coming from Europe, Asia and North America, SPAA stated.