The Financial Planning Association (FPA) hasn’t had a happy year, and the addition of well-known company director Kathryn Greiner to the association’s board is one sign that moves are afoot to sort things out. Ms Greiner was one of five new members appointed to the FPA board last week.

FPA Public Affairs Manager Allan Crompton told Sunrise Exchange News five new members is “just a normal FPA occurrence”, and doesn’t have anything to do with the massive amount of media and industry scrutiny planners have received in 2003.  The sector’s work practices were criticised after an Australian Securities and Investments Commission/Australian Consumers Association study found that the majority of planners weren’t offering a good standard of advice and some were directing business to companies which offered the best commissions or which they had an interest in.

Ms Greiner’s appointment as an external director is nevertheless considered a big move for the FPA, which plans to introduce stronger and more objective direction coming into the new financial services reform regime. Ms Greiner is a Sydney city councillor and a director of four companies.