Planners want protection for their title
The Financial Planning Association (FPA) wants tighter regulation to be applied around the term “financial planner”.
In a submission last week to the parliamentary joint inquiry into agribusiness managed investment schemes, CEO Jo-Anne Bloch said under-qualified people are providing clients with financial advice under the guise of being a financial adviser.
“A significant concern for the FPA is the term ‘financial product adviser’ which encompasses risk advisers, brokers, financial planners and, in fact, any financial intermediary,” she said.
Ms Bloch says there needs to be regulation around people using the terms “financial adviser” and “authorised representative”, particularly in the wake of recent corporate collapses.
In a submission last week to the parliamentary joint inquiry into agribusiness managed investment schemes, CEO Jo-Anne Bloch said under-qualified people are providing clients with financial advice under the guise of being a financial adviser.
“A significant concern for the FPA is the term ‘financial product adviser’ which encompasses risk advisers, brokers, financial planners and, in fact, any financial intermediary,” she said.
Ms Bloch says there needs to be regulation around people using the terms “financial adviser” and “authorised representative”, particularly in the wake of recent corporate collapses.