The Financial Planning Association (FPA) has refocused on quality of advice with the introduction of a new life insurance guide.

The tool features 10 principles to help members deliver high-quality advice, and gives practical assistance on applying the FPA Code of Professional Practice.

It incorporates elements of the Australian Securities and Investments Commission’s life insurance advice checklist.

“The recent discussions on the life insurance reforms have largely focused on remuneration, with little emphasis on the consumer and the quality of the actual life insurance advice provided to them,” FPA CEO Mark Rantall said.

“The quality of advice is the primary objective of all FPA members when dealing with the financial futures of Australians. For this reason, we have produced this guide to help members identify and address common omissions and errors.

“A better advice process, well-structured advice, improved client servicing and a well-defined value proposition will help build public trust and confidence in life insurance advice, and ultimately the profession as a whole.”

A workshop at the FPA Professionals Congress next month will examine the guide in detail.