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18 May 2020
The Financial Planning Association (FPA) says the Federal Government should be open to further timeline changes for proposed Hayne royal commission reforms as advisers’ attention is focussed on assisting clients and the broader community during the pandemic crisis.
The association says some reforms could be improved to reduce over-regulation and red tape, and it looks forward to recommencing discussions with the Government over amendments.
Planners are inundated in the current environment due to the number of people facing financial issues they have never before experienced, and providing assistance is the priority, the FPA says.
“There is a direct relationship between the rising cost of regulation, time constraints on financial planners and the ability of Australians to access advice,” the FPA says.
“While we broadly agree with the draft legislation on the royal commission recommendations, we do have real concerns for both the profession and consumers who we are seeking to serve.”
Legislation scheduled to enter Parliament by June 30 will now be introduced by December, Treasurer Josh Frydenberg said this month, while similar six-month extensions will apply on other timeframes.