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Deafening silence from NTAA leadership

The National Tax and Accountants’ Association has failed to respond to the storm sparked by its attack on the financial planning industry.

On Monday, the accounting industry association issued a statement insinuating that financial planners are “bereft of integrity”, which prompted more than 120 comments on the ifa website – most of them voicing strong opposition – and calls for an apology from the Financial Planning Association.

Yesterday, the association’s board was apparently in a scheduled “board meeting” for more than five hours and was unable to arrange a phone interview, take a phone call from ifa or issue a public statement before deadline.

understands a statement may be forthcoming later today.

The association came under increasing pressure yesterday as the fallout from Monday’s attack on the integrity of the financial planning sector continued.

Shadow minister for financial services Mathias Cormann entered the fray, rebuking the association for its disruptive comments, describing them as “reckless and irresponsible”.

"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,” the Senator said.

"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”.

More to come.