The FPA has indicated it would consider working more closely with ASIC over the disciplining of financial planners.
"We have a good consultative relationship with ASIC but there is no memorandum of understanding (MOU) and therefore the sharing of information is very limited," FPA chief executive Jo-Anne Bloch said.
While the association has considered engaging in an MOU with the corporate regulator there are difficulties as the FPA is not a statutory body, Bloch said.
"We understand that ASIC can only engage in an MOU with a statutory body," she said.
"We've certainly talked about it and we've certainly put it to ASIC and others but there is a regulatory framework that prevails at the moment."
Bloch's comments come after the FPA announced an extension to its complaints process policy at yesterday's FPA National Conference in Melbourne.
The new initiative, FPA Confidential, is an anonymous reporting policy. "There is more to this policy that just a complaints process," she said.
"Deloitte have added a significant infrastructure through their forensic division that will allow us to receive the information calls.
"We do need a process to make sure there is evidence and that we can work with the information. This provides an infrastructure, it provides anonymity to a much wider group of people."
FPA Confidential was developed as a direct result of Storm Financial.
"Our investigations into Storm have not concluded in relation to individual FPA members ... and we're of course looking at lessons learned in a great deal of detail," Bloch said.
The FPA did not give an indication as to when it would release its Storm findings.
