Senator Mathias Cormann has welcomed the FPA's 10-pronged initiative to raise professional standards in the financial advice industry, but warned against a "one size fits all".
Speaking to ifa, Senator Cormann said that while the premise of the white paper is sound, any policy approach to financial advice should take the various business models in operation into account.
“I always warmly welcome any initiative by the financial advice profession to improve its professional and service standards,” Senator Cormann said.
“[But] there are necessarily different business models available in the market and that’s a good thing. Diversity in the financial services market provides choice and helps deliver best possible value for consumers.”
Senator Cormann reiterated the federal government’s position that regulation of the financial planning industry needs to “have the balance right between appropriate levels of consumer protection and making sure that access to high quality financial advice remains available and affordable for all”.
The comments follow ifa's publication of concerns raised by the AIOFP about the FPA's 10-point plan yesterday.
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