The six professional associations currently participating in the agreement are the Financial Planning Association of Australia (FPA), the Association of Financial Advisers (AFA), Boutique Financial Planners (BFP), the Financial Services Institute of Australasia (FINSIA), the Self-Managed Super Fund Association (SMSF Association), and the Stockbrokers and Financial Advisers Association (SAFAA).
Under the agreement, all existing advisers will be required to subscribe to an approved scheme by 15 November 2019.
Further, a special purpose company, Code Monitoring Australia (CMA), has been established for to operate the compliance scheme, which will be called the Financial Advisers Monitoring Scheme (FAMS).
CMA is a wholly-owned subsidiary of the FPA.
The associations have agreed to work together in submitting a code monitoring compliance scheme application to ASIC, which will then enable the Financial Adviser Standards and Ethics Authority (FASEA) to monitor and enforce compliance with the scheme.
FPA chief executive Dante De Gori said the move is an important step forward for the financial planning/advice sector that will facilitate recognition as a profession, which has long been sought by our collective members.
He also said the final application to FASEA is due to be lodged with ASIC by 30 June 2019.
“Code monitoring will benefit all Australians seeking financial advice as they can have greater confidence and trust in the advice they receive,” Mr De Gori said.
“The co-operating associations will engage with consumers, other associations, financial planners/advisers, licensees and other stakeholders to develop the compliance scheme.”
[quote=Anonymous]hello,
there are three associations you can try other than AFA or FPA. how many do you need ?
a. Institute of Public Accountants – you can gain membership at associate level by virtue of your AR status or if you have an AFSL or current tax(financial) adviser status they offer great CPD very small business focused. they are a recognised accounting association and will most likely become a code monitoring body too
b. SMSF Association – I am a member you will need to pass an exam (I don’t like your chances here, you will probably fail)
c. stockbrokers and financial advisers association
go with either a or b.
good luck with the exam. I think you will need it. make sure you take all your reference material. it will be open book and you do get a second try when you fail the first time
I am available to coach you on the exam as well, write back
[/quote]
Thanks for the response Anon, I appreciate it. No need to be condecending though re the SMSF exam, I already have my full authority for SMSF.Thanks again.
ok fair enough. i am sorry, i am just very angry with what has happened to us all and i hate associations
Just, honestly, the only way to fix this, is for everyone to walk away. And say goodnight to this industry. Goodnight sweet prince. RIP Financial Planning Industry 2018.
Take out the wholesale certificate exemption too while you are at it.
I googled the following…..A cartel is a group of apparently independent producers whose goal is to increase their collective profits by means of price fixing, limiting supply, or other restrictive practices. Cartels typically control selling prices, but some are organized to control the prices of purchased inputs. Antitrust laws attempt to deter or forbid cartels.
Looks like we’ve got a cartel here…and we’ll be handcuffed to them via legislation.
How could I be forced to join a body (the FPA) whose members have appeared before a Royal Commission and whose major source of funding is from manufacturers like CBA, NABFP, AMPFP, Bridges and IOOF. Chief Justice Haynes summed it up best when he stated that these bodies are not fit to self regulate. Having the FPA involved in this situation is like forcing Medical Doctors to sign up to a code monitoring body whose major business partner are Tobacco companies.
As an internal compliance person in AMP I tipped off the FPA about AMP practices (orphan clients) but because there major business partner was AMP…. they did nothing or did not take me seriously.
In short this is a combined move to handcuff advisers into membership.
the FPA is going to be irrelevant anyway. who is going to want to buy their course after everyone has done a grad dip or masters which includes ethics and sat a 3.5 hour multiple choice exam for fasea
why would anyone do the above study and then do the CFP again. you wouldn’t
so once the fees into the program dries up and or people leave the FPA after they have done their study they will be finished that’s why they are getting into code monitoring, need another cash cow
So they want us all to sign up to one of their dodgy schemes? No thanks, the FPA is an absolute joke and I would not pay a cent to be a part of them or their self ritious organisation.
Whoops they forgot the Allied Industry Of Failed Planners or is it just silly to expect them to be part of anything to do with ethics?
Mate at least the AIOFP actually fight for Adviser rights rather than bend advisers over at every opportunity like the FPA.
Oh cmon man they just sent me an email to wish me a happy christmas, that justifies my annual fees!
I think the leaders of these bodies should have to do the ethics exam too. We haven’t seen much ethics from them in the past especially the FPA.
they wouldn’t pass the most basic financial planning exam forget about ethics. total turds.
Great leadership from the FPA. Well done and thank you[b]![/b]
Good to see them all working together
i’ll stay away from them. i’m sure there will be other options.
Oh fantastic, now the professional bodies increase their strangehold over the industry. Forced to pay fees each year to be on the TPB and now for them to monitor a ‘code of ethics’ they don’t follow themselves.
I have got literally nothing from the FPA for my membership other than a few emails each year. What an absolute crock they are able to feast on these changes.
Just curious why you would pay membership if you don’t get anything?
To be able to provide tax advice, need to be a member of the tax prac board. Although I have done studies in commercial law and taxation, because these were in the same subject, even though it was at masters level, this is apparently not quite good enough to be a member of the TPB without being a member of a ‘professional’ association. Unfortunately, I have no choice. I can assure you the first thing I would do is cancel the membership if this wasn’t the case.
there are many other options do a bit of research and you will find many better ones
No there isnt , there are very few that I found. These include the AFA, FPA, can you enlighten us on the others instead of telling people to research?
hello,
there are three associations you can try other than AFA or FPA. how many do you need ?
a. Institute of Public Accountants – you can gain membership at associate level by virtue of your AR status or if you have an AFSL or current tax(financial) adviser status they offer great CPD very small business focused. they are a recognised accounting association and will most likely become a code monitoring body too
b. SMSF Association – I am a member you will need to pass an exam (I don’t like your chances here, you will probably fail)
c. stockbrokers and financial advisers association
go with either a or b.
good luck with the exam. I think you will need it. make sure you take all your reference material. it will be open book and you do get a second try when you fail the first time
I am available to coach you on the exam as well, write back
Like bees around a honeypot
please consider my new association. RCAAAP
what’s that please elaborate?. is it a royal chartered association ? as I am keen on dat? will it bring clients to me? as i am keen on dat? is it approved by queen Elizabeth II the sovereign? as i am keen on dat?
whats da membership fee dough? is it high?
what about da CEO does he have more dan 6 F’s dat are his 6 P’s ? as i am keen on dat /
yes, the royal chartered association of associated advisory professionals RCAAP. we are triple AAA, that’s our jingle get it.
“CMA is a wholly-owned subsidiary of the FPA.” 🙁 I’m scared on how bad this is going to get screwed up. Hopefully there will be an alternative options.
Im worried about how much this is going to cost us. We cant just keep paying more and more of these charges! All these associations, govt agencies, they all want some of our income, pretty soon the only people that can afford these charges are the big companies. Small businesses like mine just cant keep taking this reduction in income and increases in costs. There is so much overlap here now, we are paying 4 or 5 people for the same thing. This needs to be looked at, before all of us small operators ( 250K or less income pa) will just sell up and leave.