FAAA unveils new policy platform at roadshow, invites feedback
The Financial Advice Association Australia (FAAA) has released for member consultation a new draft policy platform, set to inform its engagement with government and regulators around key advice themes.
Announced by the FAAA’s General Manager, Policy, Advocacy and Standards, Phil Anderson, during a roadshow session, he said the platform will be centred around accessible financial advice, professionalism of financial advice, and using technology to better deliver financial advice.
“By travelling across the country and engaging directly with members, the FAAA aims to finalise a policy platform that will provide a strong framework for advocacy and best represents the views of its member base. The FAAA would like to see a single set of easy to understand rules that govern how to deliver affordable, professional financial advice, in a clear, concise and engaging way,” he said.
“By simplifying the regulatory regime and improving access to advice, it will drive down the cost and create a consumer focused profession. It is also important that measures are in place to ensure that there is continued focus on the professionalisation of financial advice, and this policy platform aims to achieve this.
“For financial advice to be recognised and for it to operate as a self-regulated profession, we need to first establish the framework, maintain effective and appropriate education standards across all financial advice providers, while at the same time providing flexibility for new entrants to meet the education standard and join the profession.”
The pilot policy platform will be available for a consultation and review period with members until 31 May, with the official FAAA Policy Platform to be released on 1 July.
“We need to future-proof the profession for advisers and their clients through better use of data and technology,” Anderson said.
“The FAAA supports regulatory reform that encourages the use of new technology, specifically AI, to make data capture, storage and utilisation more streamlined across financial services, which will deliver better service and outcomes for clients.
“As the united voice for the financial advice profession, the FAAA is working to create a powerful policy platform which will provide a strong framework for the association’s advocacy efforts over the coming years.
“We encourage all FAAA members to review the draft policy platform, and to have their say.”
The Policy Platform all seems very sensible and appropriate. But it is largely pointless while FAAA as an organisation lacks credibility. The FPA has had many great policies over the years, and many hardworking employees who have lobbied for them on members’ behalf. But government and regulators have never taken the FPA/FAAA seriously. Hardly anything the FPA/FAAA has lobbied for has ever been implemented.
For FAAA to be taken seriously by government and regulators they need to get their own house in order first. As a minimum this requires all memberships to be paid directly by individual members (to remove the perception of corporate influence when paid for by product company employers), and immediate sunsetting of grandfathered CFPs (to remove the rank hypocrisy and double standards on education issues).