To direct Australians to “genuinely independent” financial advisers, the Independent Financial Advisers Association of Australia (IFAAA) has announced the ‘Gold Standard of Independence’.
Mr Brammall said that scandals such as Commonwealth Financial Planning have all had financial advisers “incentivised” by either commissions or sales which led to the loss of public dollars. “What is required to stop these scandals from occurring is something that’s politically impossible to do,” Mr Brammall said. “It has to be done through self-reform.“The IFAAA has taken a stand by introducing the concept of the Gold Standard of Independence, which addresses the one reform that is needed in this industry to protect the wealth of Australia,” he said.
The company is looking to expand its services for financial advisers.
The FPA has developed a new SOA video toolkit to guide members.
“All advice should be regulated in a similar way”, a financial services firm has argued in its QAR submission.
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