The Financial Planning Association (FPA) has moved to help its members deal more effectively with client enquiries regarding superannuation switching with the release of a checklist.
The checklist, launched in late February, tells financial planners what information they will need and where they are likely to find it, with the FPA claiming that it is a tool designed to help in sourcing comprehensive information on clients’ current superannuation funds in a timely way.
FPA chief executive said as well as speeding up the information gathering process, the checklist would help to ensure that nothing of significance is overlooked when advising clients on super switching options.
“FPA members have expressed concerns about the unavailability of some information on clients’ current superannuation accounts, which inhibits their ability to advise clients on super switching,” she said. “ASIC’s [Australian Securities and Investments Commission] position is clear that advice can’t be given without appropriate consideration of the client’s circumstances. An adviser must make reasonable efforts to get relevant information.”
Bloch said the FPA had consulted with ASIC, the Investment and Financial Services Association and the Association of Superannuation Funds of Australia before finalising the checklist.
