Agenda FASEA Royal Commission Challenger …...FASEA PROPOSAL FPA RECOMMENDATION IMPACT ON FPA...
Transcript of Agenda FASEA Royal Commission Challenger …...FASEA PROPOSAL FPA RECOMMENDATION IMPACT ON FPA...
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Agenda
FASEA
Royal Commission
Challenger Update
Code of Ethics
FPA Support Tools
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INTRODUCTION
The financial planning profession make an enormous contribution to the Australian economy.
We add over $4 billion a year and are part of the larger financial services sector that contributes
over $140 billion.
Clients that have a financial planner are;
• 10% more likely to be accepted for life cover
• 22% more likely to have a successful claim
• 83% have more appropriate life cover
• 98% have more appropriate TPD cover
• Advised clients pay on average 35% less tax
• 50% feel more prepared for retirement
• Save 50% more
• 60% more likely to have peace of mind and feel more confident with their money and are;
• 80% more prepared if something goes wrong
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Released Legislative Instruments and Standards
Provisional Relevant Provider
Expression
Professional Year
CPDDegrees,
Qualifications and Courses
Foreign Qualifications
ExaminationCode of Ethics
Program & Provider
Accreditation
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FASEA PROPOSAL FPA RECOMMENDATIONIMPACT ON
FPA MEMBERS
91% Graduate Diploma
28% 1 subject
22% 3 subjects
50% Graduate Diploma
50% 1 subject
15% 3 to 7 subjects
30% 4 to 8 subjects
5% 8 or more subjects
• Approved degrees
• Graduate Diploma
• 6 pathways
• No recognition of (most) financial planning education
• DFP1-8 / ADFP and CFP®
recognised
• 4-7 units of relevant study
• Up to 3 units of credit for DFP1-8 and CFP®
• Financial Planning subjects
• CFP 1-5 formally recognised
• No formal consultation, FPA advocated to Minister
• Too complicated, simplify
• Doesn’t recognise financial planning study
• Accumulate study
• No recognition of financial planning majors
• 8 subjects or nothing
• Only 2 credits for CFP®
(post 2001)
14 DEC
2017
20 MAR
2018
14 DEC
2018
23 DEC
2018
25 MAR
2019
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FASEA EXAM
Curriculum
• Corporations Act Ch7
• TASA
• Privacy Act
• AML/CTF
• Code of Ethics
• Financial Advice Construction
Format
• 70 Questions
• 64 multiple choice
• 6 short answer
• 3.5 hours
• Pass or Fail
• “Case study” question style
• Practice exam and reading material
How
• July 2019 - Dec 2020
• Unlimited re-sits every 3 months
• 8x major cities, 1 regional
• Regional remote digital delivery (2020 only)
• Open book legislation
• Computer based
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ROYAL COMMISSION
Framework
2022 Review
Remuneration
Annual Payments
GF Commissions
LIF
Super
Discipline
Disciplinary System
Reporting
Remediation
Information Sharing
Legislation
Fundamental Norms
Exceptions & Qualifications
Other
Independence
Vertical Integration
Binding Nominations
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FASEA CODE OF ETHICS
Professional Commitment
High level of relevant knowledge Cooperate with investigations Uphold and promote ethical standards
Quality Process
Client must give free, prior & informed consent for all benefits
Maintain client records Offer services in good faith & competently
Client Care
Act only with client’s free, prior & informed consent All advice in clients best interestTake into account broad effects and broader, long-term interests and likely circumstances
Ethical Behaviour
Comply with Law Act with integrity and in clients best interests Decline advice in event of a conflict of interest
Values
Trustworthiness Competence Honesty Fairness Diligence
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CODE MONITORING AUSTRALIA
Application
Final application due August
Approval from ASIC October 2019
Register
By 15 November 2019
Update FAR with CMS
Code Compliance
1 January 2020Monitoring
Reactive Monitoring from 1 Jan 2020
Proactive Monitoring from July 2020
Royal Commission Recommendation 2.10
Single Disciplinary System
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CODE MONITORING AUSTRALIA PTY LTD
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FPA GUIDANCE
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FINTECH TOOLS & RESOURCES
Mapping Fintech to the financial planning
process: FPA Report
• Identifies and matches fintech solutions to the financial
planning advice process.
Financial planning process mapping tool
Partnering with YTML, an online tool which helps you:
• Quantify what are the real costs involved in provide
advice
• Determine how long it really takes you to provide advice
end-to-end
• Calculate how to price your services accordingly,
based on this knowledge.
Fintech buyers guide and checklist
• To help you assess what fintech your business needs,
and guide you on finding the right provider.
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Future2 Slide
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2019 CFP® CONSUMER AD CAMPAIGN
INTRODUCING THE PRONUP
Consumer eBook
landing page
Sponsored ad
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Helping connect Australians
to FPA members based on goals
and needs, not just location.
Creating connections in an easy, quick
way with the consumer in control.
AVAILABLE FOR CFP® PROFESSIONALS
TO DOWNLOAD THE APP
MATCH MY PLANNER
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Current business address
Professional photo of yourself
Description of your services
1. 2. 3.
CONSUMER FILLS IN THE ONLINE
FORM & CREATES A PROFILE
MAKE SURE YOUR
FIND A PLANNER PROFILE IS UP TO DATE
4.
FPA MEMBER RECEIVES AN
APP NOTIFICATION
FPA MEMBER RESPONDS TO THE
ENQUIRY
CONSUMER RECEIVES AN EMAIL &
CAN RESPOND TO FPA MEMBER
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Free confidential coaching and support for FPA members.
1300 360 364 OR Speak to a coach on LiveChat
Holistic health & wellbeing program
• Sessions with qualified counsellors, psychologists and specialist
coaches
• Resources via app
Open to CFP® professionals, AFP and Associate members.
In partnership with
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