FPA Roadshow to address membership review
The Financial Planning Association CEO Jo-Anne Bloch and senior managers met members face-to-face as part of a roadshow around the country during August and September.
The roadshow, called FPA on the Road, has visited all 31 Chapters and begun on August 14th with the first stops at Mildura and Ballarat. Senior managers gave presentations on key issues affecting members.
Of critical importance is the proposed membership category review and changes to the constitution, which will be voted on at the annual general meeting in November, Bloch said.
The membership review is part of a series of steps to refocus the FPA on the professional responsibilities of individual practitioners. If adopted, it will rationalise FPA member categories from 12 to three: General, Practitioner and Principal. The composition of the FPA Board will also change from 12 to eight directors.
Other issues in discussion includes:
The FPA’s key themes for the 2007 Federal Election: Reducing the regulatory burden on planners, including short Statements of Advice.
Anti-money laundering: Customer identification and record keeping obligations come into force in December. The FPA is working on a variety of initiatives to support individual and principal members in fulfilling their obligations in a cost effective manner.
The Financial Industry Complaints Service: FICS has proposed raising their limit but the FPA is concerned that any increase may lead to a rise in PI insurance premiums. Changes to the transparency of FICS processes are essential before any significant change to the monetary limit is made.
PI insurance: ASIC’s proposal to mandate PI insurance and the minimum terms and conditions required of financial planners.
The roadshow was designed to gain feedback from members to ensure their views are represented in FPA policy, Bloch said.
23-Aug-2007