In a statement to ifa, Mr Moses reiterated his association’s positioning as an “independent adviser” group and one that is firmly committed to the FPA Code of Professional Conduct.
“Our members are most certainly in the ‘independent’ space – noting that the term ‘independent’ is often used outside of its Corporations Law meaning to describe advisers who are not aligned to large institutions,” Mr Moses said.
“All BFP members are also FPA members; the FPA Code is a consumer’s best indication their adviser acts in their best interest.”
Mr Moses also took a thinly veiled swipe at AIOFP executive director Peter Johnston’s suggestion that his association should be the “homologous” representative group of all independent advisers.
“The BFP does not support the allocation of homologous roles to organisations by individuals who are not authorised to speak on their behalf,” Mr Moses said.
Mr Moses also supported comments by incoming FPA chair and fellow BFP member Neil Kendall, arguing that business models of individual advisers are “not significant” from the perspective of the FPA, since it is a body that represents “the public interest”, not members’ interests.
To save everyone else looking it up:
[b]homologous[/b]
adjective: homologous
1.having the same relation, relative position, or structure.
2.(of organs) similar in position, structure, and evolutionary origin but not necessarily in function: Often contrasted with analogous.
“a seal’s flipper is homologous with the human arm”
Homologous is the new recalcitrant
This I might start a new association called CFAA “Confused Financial Adviser Association”. Probably need one for the public too. New word of the week “homologous”
Oh dear.