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Australians oblivious to FOFA

The Future of Financial Advice (FOFA) reforms have fallen on deaf ears, with 87 per cent of Australians unaware of the regulations, according to the Financial Planning Association (FPA).

Despite FOFA being designed to improve advice uptake, FPA chief executive Mark Rantall pointed to research showing that 61 per cent of Australians do not receive financial advice.

“These statistics need to improve,” Mr Rantall said, “but what is particularly disappointing is that the percentage of Australians receiving financial advice has not increased over the past few years.”

The statistic was revealed just as the FPA launched its Financial Planning Week, which will run from today until September 1.

Mr Rantall said the week will help educate Australians around financial advice as well as increase the professionalism of the industry in the public eye.

“The FPA community wholeheartedly believes that the lives of all Australians, regardless of their current financial position, can be improved by trusted financial advice from a planner with high standards and professional qualifications,” Mr Rantall said.

“Financial Planning Week is part of that process.”


Over the week, consumers have the opportunity to 'Ask an Expert' a question on financial planning through the FPA website and connect with advice through other online platforms.

In addition, the FPA will facilitate discussion around debt, savings, superannuation and investments and life insurance during the event.

The five topics were chosen from the most frequently asked questions from last year’s Financial Planning Week, as well as discussions with FPA members about the topics most popular with their clients.

“Financial Planning Week is all about engaging with as many Australians as possible,” Mr Billington said.

“So we really wanted to make sure the activities and discussions on offer were informative and relevant to the largest number of people.”

“I hope that all Australians embrace Financial Planning Week and start to understand how a trusted financial planner can help improve their lives.”