The FPA has released the latest statistics of misdemeanour complaints provided by anonymous whistleblowers, as the association continues its call for co-regulation in financial services.
Statistics from the FPA Confidential whistle-blowing service found that of a total of 61 anonymously received incident reports, the FPA Professional Standards team “successfully resolved 90 per cent.”
“The story behind these numbers is of a professional system operating to self-govern against perceived or actual misdemeanour,” FPA chief executive Mark Rantall said.
“It points us to the timely conclusion that we must now embed a relevant, consumer-centric professional framework in Australia that separates industry from profession and product sales from advice.”
Of the 10 per cent of unresolved incidents received through the service, the FPA said they were either ongoing matters, were subject to active inquiry, or being monitored.
Mr Rantall said the results are evidence that a co-regulatory system will help list financial planning into a profession.
“Firstly, the recent call to lift educational standards, appropriately phased in, is a sensible and enduring approach and FPA supports this principle without question,” Mr Rantall said.
“We have long argued for the raising of standards and we stand beside every Australian in this concern.”
“Secondly, new data from the FPA’s whistleblower service shows how effective a professional co-regulatory system can work when enforcement of higher ethical and professional standards may be called for.”
The FPA Confidential service was introduced in February 2010 and is run by Deloitte to “safeguard the reputation of the financial planning profession.”
It allows individuals to report suspected misconduct through an online independent service run by Deloitte.
SUBSCRIBE TO THE IFA DAILY BULLETIN
21 Nov 2017Carwardine Financial completes compliance reviewBy Staff Reporter
21 Nov 2017Benchmark goes into liquidationBy Aleks Vickovich
21 Nov 2017Goals-based retail super product launchedBy Staff Reporter
21 Nov 2017DomaCom strikes deal with Moody’s AnalyticsBy Staff Reporter
21 Nov 2017Netwealth lists on ASXBy Tim Stewart
21 Nov 2017Perpetual announces departure of CEOBy Staff Reporter
- view all