FPA hits out at FOFA amendment naysaying

In a statement released yesterday, FPA chief executive Mark Rantall said financial advisers should take advantage of the opportunity presented to their businesses by the amendments to FOFA.

“We have seen a predictable reaction to these amendments from sectors of the superannuation product industry, using fear and misinformation to once again depict financial planners in a negative light,” Mr Rantall said.

“Our position on these regulatory matters is quite clear: consumer protection laws remain intact and at 'world’s best' standard.

“Combined with this robust legal foundation, professional financial planners who have individually subscribed to a binding code of professional practice not only have nothing to fear, they have everything to gain in this new environment.”

Mr Rantall said while “others stand for product”, the FPA and is members “stand for advice and advice outcomes that make a lasting, positive difference in the lives of all Australians”.