The Deputy Chairman of ASIC, Mr Jeremy Cooper, has today welcomed the development of a set of principles by the Financial Planning Association (FPA) to assist its members in managing conflicts of interest.

Mr Cooper said the new principles would address key issues including separate corporate governance arrangements where planners are related to a product issuer, and the elimination of remuneration arrangements that create a bias towards one product over another.

‘These principles are a real step in the right direction, and represent an understanding of where the financial planning industry needs to go if the Financial Services Reforms are to deliver the intended outcomes for consumers and the industry itself,’ Mr Cooper said.