Australia's financial advice associations are pushing ahead with their Future of Financial Advice (FoFA) reform agenda despite the certainty of a new Australian government.
FPA deputy chief Deen Sanders said the association is progressing with its work on issues raised by the Ripoll report as well as those raised by Minister for Financial Services and Corporate Law Chris Bowen's proposed reforms.
"We are progressing those agenda and we think, frankly, they are important for a profession to resolve," Sanders said.
"It's not the suggestions of the minister - these are issues that underpin why these reform ideas were made and we want to understand that better."
Sanders said the FPA is looking at trying to solve the problems that led to the Ripoll recommendations and FoFA reforms.
"We want to make sure that irrespective of who is in government that we can actually take good, constructive advice to the government about how these things should be adjusted in the future in the way it delivers best outcomes for professionals and their clients," he said.
"We're not looking at the narrow focus that the AFA [Association of Financial Advisers] or FSC are looking at. We're looking at a much more strategic regulatory positioning."
Last week, the AFA launched a FoFA working group to examine the impact of proposed reforms on the financial advice industry.
"In the interests of best representing AFA members, it is our role to discuss with the industry issues that affect how our members operate in the future and deliver our collective view to Canberra," AFA chief executive Richard Klipin said.
"We believe the working group will lead the way in informing the government on the real impact of reform on consumers, advisers, the financial advice industry and on Australia as a whole."
