The Financial Planning Association (FPA) has also appointed two new staff to look after the needs of its small boutique dealer members, who make up 75% of its membership. The move comes after criticism the FPA fails to serve smaller niche members.

CEO Ken Breakspear says the “dedication of in-house resources” to its smaller members shows the group’s commitment to meeting the specific needs of small dealers, particularly with regard to them transitioning to the Financial Services Reform Act.

“The FPA is fundamentally committed to represent the needs and views of its boutique principal members,” he said “I strongly believe that we have the wherewithal to ensure that small and boutique dealers’ needs are met as part of the FPA.”