On this episode, Paul sits down with host Neil Griffiths to discuss the need for standards and protocols in financial planning and how that relates to self-regulation.
“It would make it easier to teach financial planning to people because they’re learning the protocols. It would make it easier for the regulator because they would be able to make a quick judgement, had the protocols been followed, and in the court system,” he explained.
“And then from a client point of view, they’re getting more certainty for what we do. And then that doesn’t change the interpersonal relationship, the values-based approach we take. It doesn’t change all of that sort of stuff that we do now, but the outcomes that we are producing become more known and more measurable in that regard.”
Also on this episode, Paul discusses if the advice industry is currently in a position to self-regulate, the pros and cons of the Quality of Advice Review proposal paper and what the sector could look like if it implements standards and protocols.
The Royal Commissioner stated that we’re incapable of self-regulation….If Planners were capable of any self regulation following that statement, members of the FPA would have called for heads on sticks.