• subs-bellGet the latest news! Subscribe to the ifa bulletin

Coalition blasts NTAA for attacking planners

The shadow minister for financial services has come to the defence of the financial planning industry, describing the National Tax and Accountants’ Association’s comments as “reckless and irresponsible”.

Earlier this week, the NTAA issued a public statement which told consumers to seek advice from an accountant rather than a financial planner and used scathing language to describe the planning profession, saying it was “bereft of integrity”.

Speaking to ifa, shadow minister for financial services Mathias Cormann criticised the accounting industry body for its public comments.

“Such a blanket attack on the professionalism of an entire industry which has worked very hard to keep improving, particularly in recent years, is reckless and irresponsible,” Senator Cormann said.

"Financial planners and advisers provide a very important service helping people to improve their financial health and well-being by managing financial risks and maximising opportunities.

"Overwhelmingly the industry operates at a very high standard with planners and advisers totally focused on and committed to the best interest of their clients.

"There is always room for further improvement, and I'm confident that the current high standards will continue to increase into the future.”

At a parliamentary joint committee hearing in June, Senator Cormann spoke out against the “turf war” between accountants and financial planners in the financial services industry.

The Financial Planning Association and Association of Financial Advisers have also responded strongly to the NTAA comments.