The FPA welcomes the release of the draft legislation for the Single Disciplinary Body (SDB) for financial planners, which is an important reform for the profession.
Along with the details of the new SDB, the draft legislation also includes a number of other reforms including standardising professional standards and regulatory functions to streamline regulation, reduce complexity and costs for the benefit of consumers. This is a major reform which will have a lasting impact on our profession and the consumers they advise.
This is an extensive piece of legislation and the FPA will continue to work through the detail and engage with members and other stakeholders to ensure constructive input into the consultation process. The FPA will be putting forward a submission in response to the consultation paper and looks forward to working with the Government.