Still reeling from the negative impacts of the recent consumer/ASIC survey that found too many financial planners with real problems, the Financial Planners Association (FPA) has introduced a “consumer taskforce” to encourage greater feedback between consumer groups and the policymaking arms of the FPA. The concept, which the Insurance Council has had for nearly 10 years, is intended to make financial plans more “consumer friendly” and to drive out incompetent financial planners. 

FPA CEO Ken Breakspear says the taskforce, is the “first significant link” between consumers and the financial planners and it will provide a “positive consultative relationship”.

The taskforce will meet three times a year and will concentrate on documenting the terms of the relationship between client and planner at the beginning of the process, facilitating plain English remuneration disclosure, resolving customer complaints more productively and using better explanations of investment risks.

“The FPA’s reform program is about driving incompetent and unethical planners out of the industry, protecting consumers and supporting planners who comply with professional standards,” he said.