In welcoming the release of draft regulations on conflicted remuneration, the Industry Super Network has inferred that financial planning is not a "true profession" and that advisers' clients require "higher protection".
In a statement released today, ISN chief executive David Whiteley said the guidance released by the Australian Securities & Investments Commission yesterday, which clarified grandfathering arrangements for the ban on commissions, will help remove conflicts of interest in the financial advice industry. “These key documents…will allow the financial planning industry to progress towards being recognised as a true profession,” Whiteley said.“The draft regulations strike a good balance between allowing an appropriate transition for the financial advice industry to comply with the Future of Financial Advice reforms, while ensuring that all new financial planning clients will be afforded the higher protections that the reforms have been put in place to deliver,” he added. “The [financial advice] industry’s transition to professionalism requires advisers to adopt charging practices which ensure no bias.”The statement indicated the superannuation industry body will make a formal submission to Treasury supporting the draft regulations.
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