According to the Financial Planning Association (FPA), 87 per cent of Australians are unaware of the regulations regarding the Future of Financial Advice (FOFA) reforms.
Despite FOFA being designed to improve advice uptake, FPA chief executive Mark Rantall indicated that research had shown that 61 per cent of Australians do not receive financial advice and has made comment that “these statistics need to improve.”
Furthermore, he added that it was disappointing that the
percentage of Australians receiving financial advice had not
increased over the past few years.
The FPA has tried its best to rectify this statistic as it recently launched its 13th consecutive
Financial Planning Week, to help educate the public in matters regarding financial advice as well as increase the image of the industry in the public’s eye.
Rantall has reinforced that “the FPA community wholeheartedly believes that the lives of all
Australians, regardless of their current financial position, can be improved by trusted financial advice from a planner with high standards and professional qualifications.”
The Financial Planning Week facilitated discussion around debt, savings, superannuation and investments and life insurance and received endorsements and overwhelming support from ASIC and the Financial Ombudsman Service with Peter Kell commenting that “ASIC strongly
believes in helping Australians to better manage their money and create a brighter financial