The Financial Planning Association (FPA) has established a dedicated taskforce to respond specifically to the FPA’s consultation program with Federal Treasury.

The new taskforce, to be known as Future of Financial Advice (FoFA) Taskforce, will be building strong positions on each of the reform proposals that affect planners, ensuring members voices are clearly and directly carried through to government.

FPA Acting CEO, Deen Sanders said the Taskforce approach was a powerful way to ensure members had a dedicated channel for their input into helping shape the FPA’s response to the reform proposals.

“We’ve already been hearing loud and clear from members about their views on some of the reform proposals and the FPA has used its strong access to Treasury and the government to advise the Minister on those early views,” Mr Sanders said.

“We know that some of those views are not going to be comfortable for government but we will make sure they hear that members are very concerned about the potential consumer and industry detriment that will arise out of some of these reform proposals.

“Putting together a Taskforce will assist the FPA to expand its consultation approach in relation to the FoFA and build stronger policy advice and advocacy to the Government and Treasury on behalf of all financial planners.”

The official consultation program from Treasury will start in the next few weeks with a number of public information sessions to be held in Sydney, Melbourne, Brisbane, Adelaide and Perth.

“In addition to the public sessions, the FPA has a direct consultation channel with Treasury that we will use to strongly and consistently represent our members to the government. The FoFA Taskforce will be dedicated to the specific reform proposals announced by the Minister and will be working on the same consultation streams that Treasury nominate,” Mr Sanders said.

“The streams will allow us to target some specific areas of concern as part of the consultation process. Some of these areas will be the host of issues surrounding the annual ‘opt-in’ renewal process, the definition of Fiduciary Duty, the establishment of the Expert Advisory Panel, Intra-Fund and the removal of barriers to efficient and effective advice.”

The Taskforce will be chaired by Louise Biti, former FPA Board member and current Chair of the Strategic Policy Committee. It will also include Board Professionalism Committee members, Strategic Policy Committee members, and a number of other expert participants to ensure the Taskforce has strong representation from practitioners and a depth of expertise across the range of complex issues raised by the FoFA reforms.

To attend the public information sessions which are designed to provide an overview of the reforms and give stakeholders an opportunity to ask questions and raise issues, visit http://futureofadvice.treasury.gov.au  and to send an email to the FPA Taskforce drop a line to futureofadvice@fpa.asn.au