The FPA has provided a supplementary submission to the Parliamentary Joint Committee (PJC) inquiry into the collapse of Trio Capital (Trio) containing confidential recommendations.
FPA chief professional officer Deen Sanders presented the recommendations to the PJC at the Sydney Trio public hearing on Friday.
"Our submission makes 32 specific recommendations across 13 different areas ranging from financial advice to product regulation," Sanders told the hearing.
He said the association's submission broadly fell into three key areas: recommendations to improve product safety, recommendations to improve gatekeeper and conduct regulation, and recommendation for consumer compensation.
"In addition to those recommendations that are a matter of record from our submission. we have prepared a supplement in confidence submission tabled today with yourselves that considers a range of specific solutions to improve product safety, improve gatekeeper regulation and compensation," he said.
While the details of the supplementary submission were not revealed in full, Sanders said two of the association's recommendations include the proposal of a cross regulatory investigatory intelligence and the suggestions for potential risk classifications for SMSF funds and trustees.
He said the FPA would be available to discuss the supplementary submission with the PJC in further detail at a later date.
When asked whether the FPA would prefer the supplementary submission to remain confident, Sanders asked that at this stage it should be.
"We do at this stage ask the [PJC] chair [Bernie Ripoll] to keep it in confidence. It makes proposals that are not yet formally FPA policy," he said.
In its first submission to the inquiry, the FPA said it is investigating nine complaints against a number of its members over financial advice regarding the Trio linked investment offering, Astarra Strategic Fund (ASF).
"The FPA is investigating nine complaints against four members regarding recommendations in the [ASF]," the submission said.
"These four investigations are ongoing, therefore in adherence to natural justice principles we cannot provide written details, but would be available to discuss these separately if required."
