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Compliance and regulation cost troubling planners

Recent research has shown compliance and regulatory costs are a key concern for financial planners, prompting the Financial Planning Association (FPA) to launch a series of webinars aimed at guiding members through the process.

The Investment Trends FPA Professional Dividend Report from September 2012 found FOFA compliance was cited by 53 per cent of respondents as the main challenge they are currently facing.

Almost half specifically highlighted amending their business models according to FOFA as a current business challenge while 61 per cent said the cost of regulation was a key hurdle.

The FPA’s Bulletproof Financial Planning campaign starts off with a members-only series of webinars aimed at supporting FPA members throughout the FOFA implementation process.

The first webinar is fully booked with others filling up fast, according to FPA chief executive Mark Rantall.

“This highlights that financial planners are eager to be prepared to provide best practice advice under the FoFA regulations. We encourage all planners to make the most of these tools now instead of waiting until July 2013 and finding yourself under more pressure,” Rantall said.

The webinars are on topics such as Best Interests Duty; Scaled Advice; and The post-FoFA Professional Practice.

The campaign will also include national roadshows for members to be held from late April through to early June.