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Son of Wallis should exclude financial advice: FPA

The Financial Planning Association has called for the federal government’s financial system inquiry to exclude further reform of the financial advice sector.

While the FPA welcomed the government’s release of terms of reference for the inquiry – which came along with the announcement of former CBA chief executive David Murray as chairman – the industry association said financial advice reform should be “off the table”.

“Financial planning and advice has been through one of the most comprehensive reform processes yet seen, through the previous Labor Government’s [FOFA] reforms,” said FPA chief executive Mark Rantall in a statement.

“We believe now is not the time for more investigation into the personal financial advice sector in Australia. Rather, we encourage a sensible timeframe for our sector to bed down its FOFA obligations, and work to fine tune a workable approach to reduce costs, improve consumer protection and deliver best interest advice that is affordable to more Australians.”

The FPA is currently mulling over its response to the ‘Murray inquiry’ terms of reference.