Better Advice bill ‘important reform’ for advisers: FPA

The legislation includes an individual personal registration system for financial planners which FPA said will “improve the accountability and transparency of the financial services sector”.

“The Single Disciplinary Body for Financial Planners is an important reform for the profession,” FPA chief executive, Dante De Gori, said.

“Creating a model that requires financial planners to individually register annually with the disciplinary body from 2023 is an important part of the journey to individual professional accountability.”

The advice industry body has been calling for the licensing system to be scrapped for some time, with Mr De Gori saying last June that it added unnecessary costs to the provision of advice and introduced potential conflicts between the views of the licensee and adviser.

The new model will come into effect from 1 January 2022.

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

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Neil is also the host of the ifa show podcast.