FPA welcomes parliamentary committee’s Superannuation recommendations
The Financial Planning Association (FPA) has welcomed the recommendations of a federal parliamentary inquiry into superannuation.
The Parliamentary Joint Committee on Corporations and Financial Services tabled its report, -The structure and operation of the superannuation industry.
According to FPA, this report shows bi-partisan support for the value of advice, and highlights the need for all Australians to access affordable advice on super.
The FPA is pleased with recommendations relating to full and transparent disclosure across all super products; unit pricing and the ability to pay for advice on super from your super fund.
The committee has also recognised that consumers should be able to choose how they remunerate their adviser, including commissions, if they are better disclosed and managed. The FPA Conflict Principles ensure that management will occur.
However, FPA was concerned about any extension of the current exemption for accountants and recommendations they can give surrounding Self Managed Super Funds. There are issues to be worked through in relation to what degree accountants should be able to help clients in relation to super. FPA looks forward to discuss the issue with the key stakeholders further.
Financial planners had played a key role in this inquiry which has been useful. Many key issues were canvassed in detail with a lot of consultation and FPA congratulates the committee for its efforts.
21-Aug-2007