End the general advice carve-out says FPA
The Financial Planning Association (FPA) has directly attacked the continuing Future of Financial Advice (FOFA) exemptions for general advice, arguing that the carve-outs are frequently being breached including with respect to the sale of annuities. The FPA has used its submission to the Productivity Commission (PC) inquiry into competition in the Australian financial system to argue that the general advice exemptions had resulted in a significant reduction in consumer protection “with instances of personal advice being provided under the guise of general advice”.