The RC recommendations and subsequent changes in the regulatory environment will have a significant impact, not only on how you are paid, but on the viability of your business.
- Remember the Coalition has only really deferred a decision on commissions.
- The ALP remains committed to its policy of up-front payments.
- The FASEA educational changes are now active.
- The issues of professional discipline of advisors and the legal enforceability of voluntary codes need to be confronted.
The campaign is FAR from over. The financial advice and broking sector are in transition and if you sit still while change swirls around you, you will get left behind.
Why joining the Finance Sector Union (FSU) is a viable option for you
As a small business owner or partner joining a Union might seem counter-intuitive – however by joining the FSU, you will show that you want support, that you want to have a voice, and that you want to see fairness applied to all the changes not only for Advisers and Brokers but also for clients.
By joining the FSU, you will give your business a fighting chance at long term sustainability.
The FSU is a professional member-driven organisation with a proven record of success. This success is built on:
- Professional engagement. This includes lobbying govt and regulators around changes to regulation, and to seek protections and improvements for the working environment (including qualifications, CPD and changes to remuneration).
- Effective representation. The FSU is the only organisation that can offer representation in statutory disciplinary matters, along with industrial representation which is currently missing from the industry. We can provide a professional voice for Mortgage Brokers and Financial Advisors that purely represents the interests of Mortgage Brokers and Financial Advisors. The FSU can help guide you through the maze of the FASEA requirements and new standards.
- An active membership. The FSU is a democratic, member-driven organisation that allows you to be an active participant in decision making, policy development, and campaigning.
Add Your Voice and Insights
The Finance Sector Union has been approached by and met with a number of mortgage brokers and financial advisers in the past week who have been seeking information on the Hayne Royal Commission recommendations, the policies of the major parties in the lead up to the Federal Election, and the FASEA standards.
In order to gauge the views of as many advisers and brokers as possible we have set up a survey that we encourage you to complete.
Take the survey at: www.surveymonkey.com/r/MortgageBrokerSurvey19
FASEA
FASEA is the body charged with implementing new standards for financial planners and more information can be found on these new educational standards here:
www.fasea.gov.au/fasea-releases-final-examination-standard/
www.fasea.gov.au/fasea-releases-standards-blueprint/
www.fasea.gov.au/wp-content/uploads/2019/02/FPS006-Examination-Policy-vFINAL.pdf
Just as important as the new education standards are the new ethical standards. Every adviser will need to:
- Belong to an ASIC approved Code Monitoring Body;
- Comply with the law (letter and spirit);
- Act in the client’s best interests.
Failure to adhere to code will be reported to ASIC. The implementation of a new ethical framework can be a challenge so getting the right advice, education and representation is vital. These are all areas where the FSU can assist you.
Join the FSU NOW!
We need at least 1000 advisers and brokers to support this cause. Once this number of members is achieved the FSU will commit further resources and provide financial advisors and brokers with their own division that will develop solutions to your unique concerns. There will be dedicated staff and representatives that will understand your concerns and be able to provide you with the voice you currently don’t have.
If you are concerned about your future and want to have a voice, if you are sick of the way advisers and brokers are being used as political footballs all because we do not have one strong non-conflicted voice then – join the FSU now!
Contact Details
Finance Sector Union
Ph: 1300 366 378
fsuinfo@fsunion.org.au
