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The FPA has urged the repeal of the best interest duty safe harbour provisions as part of a move to principles-based regulation in the advice industry. In its submission to ASIC s consultation on af ....
“Many FPA members complained that the prescriptive approach to compliance taken by their licensee limited their ability to exercise their professional judgement and deliver financial advice in a manner that was more affordable for their clients,” it said. “Licensees are responsible for the delivery of advice by their authorised representatives and so have a legitimate interest in setting standards and checking compliance,” the FPA submission said while noting that “over the past five years has led many licensees to taking an extremely conservative approach to compliance”. “FPA members noted that this conservative approach was not to the benefit of the clients as it resulted in significant delays in them being able to provide a statement of advice (SOA) to their client as well as restricting their ability to provide their advice in a more consumer-focused manner,” it said. ....