The Association of Financial Advisers made 22 submissions on policy and regulatory change this year, and hopes to be in a strong position to influence future policy next year.
AFA made submissions on behalf of advisers on a wide range of issues this year, including implementing FOFA reforms, superannuation, the Tax Agents Services Act, corporate superannuation advice, education and training.
“We made submissions to Government, Treasury, ASIC, the Tax Practitioners Board as well as other parties and we expect the coming year to be just as busy,” AFA president Michael Nowak said.
AFA supports the Government’s proposed changes to FOFA and has made sure legislators understand the critical time issues affecting the advice market,” said Nowak.
“In particular, pressing concerns with issues such as grandfathering and how it is preventing advice practices from choosing a new licensee.”
The Government has already flagged a Financial System Inquiry and has begun a consultation process on MySuper and default superannuation, AFA COO Phil Anderson said.
“The Financial System Inquiry presents an opportunity for a number of important issues to be addressed, including the implications for consumers of MySuper, corporate super advice, superannuation governance and external dispute resolution schemes.
“We are actively engaged with the Government and expect to provide significant input into the Financial System Inquiry and any other inquiries that may be subsequently launched.”
The advice market is entering an exciting phase and the AFA, which has 7,000 members, has chosen the theme ‘innovate: think, create, act’ for 2014, said Novak.
“Consumers, legislation and business models – they are all changing and a time of change is synonymous with a time of opportunity. We don’t think there has ever been a better time to be able to experience the value of AFA membership – the advocacy, inspiration, sense of community. It will be a great year.”
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