The Financial Planning Association (FPA) has been in overdrive since the Australian Securities and Investments Commission (ASIC) released the findings of its super switching survey. The survey was uncomplimentary about the recommendations made to clients by planners, as well as the commissions they receive.

In a letter published in the Australian Financial Review last week, FPA Chair Kathryn Greiner said members were “dealt an unfair swipe” by the ASIC survey.

“To suggest that they [planners] are doing something wrong by placing clients in funds which are related to their licensee is unfair to them as professionals and to consumers who need advice,” she said.

“If ASIC wants to question the structure of the financial services industry, it should put the issue openly on the table with the Government, and the FPA will engage in debate. Meanwhile all… professional planners should be allowed to get on with their jobs without further undermining of public confidence.”

In an interview with Channel 7’s Sunrise program last week, Ms Greiner said the report was “very incompetent” and took into account planners’ activities prior to the introduction of Super Choice on July 1.

Her comments were similar to those made by the National Insurance Brokers Association in July when an ASIC report clearing local brokers of US-style practices was accompanied by a critical media release.

Ms Greiner said ASIC “retro-fitted” its superannuation switching guidelines to material examined late last year. “They should have looked at the material at the end of last year and in February said, ‘Well, this is what we found, how do we make our super switching choice, which came into play on July 1, work for the community?’”