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ISA hits back at FSC’s regulatory body pitch
Industry Super Australia has condemned the Financial Services Council's (FSC's) proposal to take professional standards out of lawmakers hands and instead put the onus on a unified industry body.
The FSC has suggested a statutory body oversee new professional and education standards for financial planners earlier this week - a proposal ISA says could have disasterous consequences.
FSC chief executive John Brogden said self-regulation clearly was not working but stressed the industry was responsible for restoring confidence in the planning sector and dismissed calls to legislate the move to higher professional standards.
"Industry Super Australia supports all efforts to build the competency and professionalism of the financial advice industry, but the foundation are strong laws that protect consumers," its chair Peter Collins said.
He said a standard board comprised of bodies with vested interests could compromise the objective of rebuilding trust in financial advice.
"This confidence will come from financial advice that is genuinely impartial, backed up by an unqualified best interests test and a comprehensive ban on sales incentives.
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The future of superannuation policy remains uncertain, with further reforms potentially on the horizon as the Albanese government seeks to curb the use of superannuation as a bequest vehicle.
Superannuation funds will have two options for charging fees for the advice provided by the new class of adviser.
The proposed reforms have been described as a key step towards delivering better products and retirement experiences for members, with many noting financial advice remains the “urgent missing piece” of the puzzle.
APRA’s latest data has revealed that superannuation funds spent $1.3 billion on advice fees, with the vast majority sent to external financial advisers.
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