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Planners welcome pre-FOFA guidance

The Financial Planning Association (FPA) has reported a strong response to its ‘Bulletproof Financial Planning’ campaign, which aimed to help planner members prepare for Future of Financial Advice (FOFA) reforms.

The recently concluded member-only webinar series was attended by over 3,200 planners with an average satisfaction rate of 90 per cent. The response shows FOFA compliance and implementation continue to be main concerns for financial planners, according to the FPA.

FPA chief executive Mark Rantall described the response as “overwhelming”.

“Feedback from members who participated in the webinar series has confirmed that financial planners are eager to prepare themselves and their businesses ahead of the implementation of the FOFA reforms. We believe that tools such as the webinars are meeting these needs,” he said.

The next stage of preparation will involve national roadshows with the FPA’s executive team speaking to members about how they can prepare for the FoFA regulations.

“The FPA originally launched the ‘Bulletproof Financial Planning’ campaign in response to research showing that over half of financial planners cite FOFA compliance as a main challenge,” Rantall said.

“The feedback we have received from members reconfirms this and we aim to empower our members enabling them to provide best practice advice under the new 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.”

The FPA encouraged members who were not able to participate in the webinar series to access the frequently asked questions that arose out of the series, or the online FPA Bulletproof Toolkit via the FPA website.